KULR CEO: Bitcoin adoption ‘still in early stages’ as firm expands holdings

KULR Technology Group has deepened its Bitcoin commitment, purchasing 42 additional BTC and bringing its total holdings to 716.2 BTC, the company announced. 

The energy storage and management firm said it has spent approximately $69 million acquiring Bitcoin (BTC) at an average price of $96,342 per BTC.

The latest investment follows KULR’s December 2024 announcement that it would allocate up to 90% of its surplus cash to Bitcoin.

 At the time, the company held around $12 million in cash reserves and cited financial resilience and global Bitcoin adoption as core drivers behind the strategy.

Global acceptance of Bitcoin 

CEO Michael Mo previously said the move is part of a broader effort to integrate emerging financial technologies into KULR’s operations.

“We believe the growing global acceptance of Bitcoin is still in its early stages,” Mo stated, pointing to governments, companies, and capital markets increasingly embracing blockchain and crypto assets.

This news comes as New Hampshire became the first U.S. state to authorize its treasurer to invest public funds in Bitcoin and other digital assets. 

Governor Kelly Ayotte signed a bill allowing up to 10% of state funds to be allocated to assets like Bitcoin, provided they meet strict criteria including a $500 billion market cap threshold.

KULR also reported a 197.5% BTC yield at the time, a proprietary metric tracking the percentage change in its Bitcoin holdings relative to fully diluted shares..