KULR Technology Group, an energy solutions firm, says it is putting up to 90 per cent of its cash surplus, currently worth $12m, into Bitcoin, shifting from a traditional treasury asset to a cryptocurrency.
The announcement reaffirms the trend of increasing number of companies adopting Bitcoin to strengthen financial resiliency. In a statement, it highlighted selling flexibility, saying it would provide bitcoin purchases based on market conditions and cash flow requirements.
The company stated that, “Congrats to a great team centerpiece, KULR, who, with over $12 million cash on the balance sheet today and any future cash surplus, is committed to allocating up to 90% of its surplus cash to BTC.”
KULR Embraces Bitcoin to Strengthen Growth and Resilience
Another key reason for the decision was Bitcoin’s increasing global adoption, CEO Michael Mo told CoinDesk. According to him, holding BTC would be strengthening KULR’s balance sheet and bolster 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, an energy storage and thermal management solutions company, is joining a broader movement by businesses to embed cryptocurrency into their financial strategies. The company, whose shares are currently trading at $1.20 apiece on Google Finance, takes the latest step as part of its ongoing effort to navigate a shifting economic environment and a path toward continued growth.
Rising institutional interest in BTC coincides with this announcement. Senator Cynthia Lummis put forth a proposal for a national BTC reserve, and President Elect Donald Trump proposed checking out a federal BTC stockpile. Theodoratou told CoinDesk that these moves represent Bitcoin’s visibility as a strategic asset at the corporate and governmental level.
KULR’s goal to embrace BTC is further to align KULR with ongoing financial technologies and evolving market trends bringing about more innovation in Technology Group field.“We’re talking resilience and growth,” Mo said. “We look at it as a smart complement to our business and financial strategy as Bitcoin adoption accelerates globally.”
