Just-In: KULR Buys $21M In BTC Amid Bitcoin Treasury Launch

American energy management company KULR Technology Group Inc. (NYSE American: KULR) on Thursday caused a market stir, revealing that it purchased 217.18 BTC for $21 million. The decision to accumulate the crypto amid the recent market volatility comes falling in line with the firm’s Bitcoin Treasury strategy launched earlier this month.

KULR Acquires $21M Worth BTC Sparking Market Discussions

In an official press release dated December 26, KULR Technology Group, Inc. announced that it had completed the purchase of 217.18 BTC for approximately $21 million. Per the company’s announcement, the average price for the purchase was registered as $96,556.53 per Bitcoin.

Notably, the massive purchase falls in line with the energy management company’s Bitcoin Treasury strategy announced on December 4, i.e., earlier this month. For context, the firm’s new treasury plan boasts of allocating up to 90% of its surplus cash to purchase the flagship crypto. As an initial effort forging ahead with this endeavor, the energy management company announced the purchase of $21 million worth of BTC, as mentioned above.

Also, KULR chose the Coinbase Prime platform to avail of custody, USDC, and self-custodial wallet services for its BTC. Altogether, the massive purchase has set off waves of discussions across the broader industry as the crypto market currently faces turbulence whilst the purchase paves a bullish path for the crypto’s future movements.

How Is BTC Performing?

At the time of reporting, BTC price cracked nearly 3% intraday and is currently trading at $95,776. Its 24-hour low and high were registered as $95,137.89 and $99,884.57, respectively. Notably, the flagship coin’s turbulent action aligns with the recent market volatility.

Nevertheless, a recent Bitcoin price analysis by CoinGape Media indicated that the coin could hit $120K or $150K as 2024 ends, based on a technical perspective. Moreover, the bullish projection aligns with KULR’s massive buying, with market watchers anticipating further gains looking at the asset’s long-term prospects amid heightened buying and rising institutional interest.

Meanwhile, renowned market expert Peter Brandt also maintained a bullish outlook for BTC despite the recent market turbulence. Peter highlighted that the crypto is likely to hit $108,358 in the coming days, solidifying investor optimism over the asset’s future movements. Market watchers continue to extensively monitor the flagship crypto for further price action shifts as new developments unfold.