KURL spends $10m buying more Bitcoin, holdings reach $60m
KURL Technology Group increased its Bitcoin treasury by $10 million, reinforcing its strategy to accumulate the world’s top cryptocurrency as a reserve asset.
KURL bought 100 Bitcoin (BTC) for $10 million, scooping tokens for an average price of $103,905 per coin as announced by the company’s CEO and co-founder, Michael Mo.
Mo stated that KURL’s latest Bitcoin acquisition has expanded its total holdings to approximately 610 BTC, valued at $60 million, while Bitcoin traded below $99,000.
The energy company began accumulating Bitcoin in December, starting with a $21 million purchase. KURL has committed to allocating 90% of its excess cash reserves toward BTC acquisitions. Additionally, the company funds its Bitcoin strategy through equity sales via an at-the-market, offering, an accounting approach popularized by MicroStrategy to finance large Bitcoin purchases.
KURL’s Bitcoin strategy has introduced a new performance metric called BTC Yield, which measures the percentage difference between outstanding diluted shares and the company’s BTC holdings.
According to Mo, KURL’s BTC Yield has reached 167.3% year-to-date, delivering additional gains for shareholders and attracting more investors to participate in the company’s ATM program.
