KULR Technology plans to allocate 90% of surplus cash to Bitcoin

KULR Technology Group Plans to Allocate Up to 90% of Surplus Cash to Bitcoin

KULR Technology Group has announced its plans to allocate up to 90% of its cash surplus, including $12 million currently on hand, to Bitcoin. This decision aligns with the company's commitment to financial resilience and long-term growth.

The company's leadership emphasized the global adoption of blockchain technology as a key factor in their decision. CEO Michael Mo stated, "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."

KULR's Bitcoin purchases will be influenced by market conditions and the company's cash flow needs, allowing for flexibility in adjusting its approach as circumstances change.

The adoption of Bitcoin as a strategic asset is gaining momentum across sectors. Senator Cynthia Lummis has proposed creating a national Bitcoin reserve, while President-Elect Donald Trump has suggested exploring a federal Bitcoin stockpile. These developments underscore Bitcoin's increasing recognition as a strategic asset.

For KULR, integrating Bitcoin into its business model represents a step towards embracing emerging financial technologies. The company believes this move positions it for growth while navigating an evolving economic landscape.

Additional Information:

• KULR Technology Group is a company specializing in energy storage and management solutions.
• As of the announcement, KULR's stock price was $1.20 a share.