On Thursday, KULR, an Energy management company focused on Batteries and Electric Appliances, announced that it has purchased Bitcoin worth 21 million dollars, and plans to allocate 90% of its Cash to Bitcoin. After the news was released, KULR's stock surged over 40% in the early trading session, and has accumulated over 1500% growth since the low point on November 1.
More and more Technology companies are beginning to incorporate Bitcoin into their financial Global Strategy.
On Thursday Eastern Time, Bitcoin briefly fell to the $0.095 million mark, dragging down Cryptos concept stocks universally.
Amid a chorus of lamentations, the energy management company KULR Technology Group, focused on Battery and Electric Appliances, saw its stock price rise against the trend, at one point soaring over 40%, approaching the peak of $5.00 on the first day of its USA IPO on July 23, 2018, and it has cumulatively increased over 1500% since the low on November 1.
This significant increase stemmed from the company's earlier announcement on the same day that it had acquired 217.18 Bitcoins at an average price of $96,556.53, with a total value of approximately $21 million. KULR also stated that it plans to allocate 90% of its Cash to Bitcoin. Notably, KULR chose the well-known Crypto Exchange Coinbase as its platform for purchasing Bitcoin.
Similarly, the "Bitcoin Hold Positions giant" MSTR, which has significantly increased its Bitcoin holdings, briefly fell over 4%. The company has purchased Bitcoin for seven consecutive weeks and recently announced plans to raise up to $42 billion to continue expanding its Bitcoin reserves, ensuring its pioneering position in the Bitcoin field. Bitdeer Technologie rose over 6.4%, wiping out most of the gains, while Riot Platforms dropped about 3.7% before narrowing the decline, and Canaan dropped about 2.9% before rising over 4.5%.