KULR Technology has entered the cryptocurrency space by acquiring $21 million worth of Bitcoin. This move is part of the company's Bitcoin treasury strategy, which aims to diversify its cash reserves.
KULR Technology has acquired 217.18 BTC at an average price of $96,556.53 per Bitcoin. The company plans to make further acquisitions in the future. KULR has partnered with Coinbase for the custody and management of its Bitcoin holdings.
This trend of companies investing in Bitcoin reflects a broader acceptance of cryptocurrency as a legitimate asset class. Other companies, such as Rumble, have also announced similar strategies. The increasing participation of corporations in the cryptocurrency market highlights the growing legitimacy of Bitcoin and its potential impact on the financial ecosystem.