KULR Technology Doubles Down on Bitcoin, Boosting Holdings to $60 Million – CryptoMode
KULR Technology Group, a company specializing in advanced energy management platforms, has significantly increased its investment in Bitcoin (BTC), recently announcing it has increased its BTC holdings by an additional $10 million, bringing its total investment to approximately $60 million.
KULR now holds 610.3 coins, purchased at a weighted average price of $103,905 per coin, including fees and expenses.
Beyond the its Bitcoin investment, KULR has introduced a novel metric to demonstrate the success of its strategy that’s already used by the largest corporate holder of the cryptocurrency Strategy: “BTC Yield.”
The company reported a year-to-date BTC Yield of 167.3%, achieved through a combination of excess cash and its At-The-Market (ATM) equity program.
The metric, calculated as the percentage change in the ratio of the company’s Bitcoin holdings to its assumed fully diluted shares outstanding, is designed to illustrate the effectiveness of KULR’s Bitcoin acquisition strategy and its potential to enhance shareholder value.
In its release, the firm notes it’s “intended to provide insights into KULR’s bitcoin acquisition strategy but should not be interpreted as a measure of operating performance, financial return, or liquidity,” It also does not reflect yield in the traditional sense.
KULR Technology Group’s Bitcoin Strategy
The firm started accumulating Bitcoin in December of last year through an initial investment of 217.18 BTC for approximately $21 million, bought at an average price of $96,556.52 per coin.
KULR Technology Group is accumulating BTC using 90% of its surplus cash reserves in a bid to drive shareholder value, with the recently introduced metric looking to measure that added value.
The company’s shares are up more than 600% since it revealed it was set to start accumulating the cryptocurrency, having surged from around $0.33 to over $2.3 at the time of writing as a result of its accumulation strategy.
