KULR Technology Group announced plans to allocate up to 90% of its cash surplus, including $12 million currently on hand, to Bitcoin.
This decision aligns the company with a growing trend of businesses using Bitcoin as a treasury asset.
The company’s leadership explained that the move enhances financial resilience. KULR’s Bitcoin purchases will be influenced by market conditions and the company’s cash flow needs. This flexibility allows the company to adjust its approach as circumstances change.
“With over $12 million cash on the balance sheet today and with any future cash surplus, KULR is committed to allocating up to 90% of its surplus cash to BTC,” the announcement read.
CEO Michael Mo emphasized that Bitcoin’s growing adoption globally was a key factor in the decision. He noted that the asset can strengthen KULR’s balance sheet while supporting its operational growth.
“We believe the growing global acceptance of bitcoin is still in its early stages. Companies, financial institutions, governments, and the capital markets are recognizing and incorporating block chain technology, and specifically, BTC into their overall economic toolkits.”
Michael Mo
KULR is a company specializing in energy storage and management solutions. Per Google, its current stock price is at $1.20 a share.
Bitcoin as a strategic asset
This strategy comes as interest in Bitcoin increases across sectors. Senator Cynthia Lummis has proposed creating a national Bitcoin reserve, and President-Elect Donald Trump recently suggested exploring a federal Bitcoin stockpile. These developments highlight Bitcoin’s growing recognition as a strategic asset.
For KULR, adopting Bitcoin represents a step toward integrating emerging financial technologies into its business model. The company believes this move positions it for growth while navigating an evolving economic landscape.
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