On Thursday, KULR Technology Group, Inc (NYSE:KULR) announced that it has completed the purchase of 217.18 Bitcoin (CRYPTO: BTC) for approximately $21 million, at an average price of $96,556.53 per BTC.
The purchase follows the company’s December 4 announcement about its Bitcoin Treasury strategy, which announced it will allocate up to 90% of its excess cash to BTC.
The $21 million BTC has purchased since the announcement is the first of ongoing purchases the company plans to make in the future.
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KULR Technology Group selected from Coinbase (NASDAQ:COIN) Prime platform that offers custody, USDC and self-custodial wallet services for its BTC.
On December 19, KULR Technology Group again met NYSE American equity standards. The company was cited for non-compliance with specific stock standards set forth in a December 20, 2023 letter from NYSE American.
This compliance milestone has boosted investor confidence, driving KULR shares up more than 90% over the past five trading sessions.
Benchmark Analyst Michael Legg upgraded KULR Technology Group from a speculative buy rating to a buy rating and raised the price target from $1 to $5.
Price promotion: KULR stock is up 26.60% to $4.33 at last check on Thursday.
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This article KULR Invests $21 Million in Bitcoin as Part of Treasury Strategy originally appeared on Benzinga.com
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