KULR Technology Stock Soars to All-Time High After $21M Bitcoin Purchase | Global News Avenue

Shares of KULR Technology Group (KurulThursday’s closing price surged to a new all-time high of $4.80 after the energy storage company made its first investment Bitcoin Valued at $21 million.

The electricity storage solutions provider reported on Thursday that it purchased 217.18 Bitcoins at an average price of $96,556 per Bitcoin.

This comes after the company said earlier this month that it was launching a “Bitcoin Treasury” strategy that would call for allocating 90% of its remaining cash to the digital currency. The $21 million purchase marks the company’s first move toward this strategy, and it plans to buy more Bitcoin in the future, the company said.

Bitcoin investors have been rewarded handsomely this year as the cryptocurrency surges record high After Donald Trump is re-elected, he has previously stated that he wants to make the United States the “cryptocurrency capital of the earth.”

Another company benefiting from Bitcoin’s rise is Microstrategy (Magnetic transmission technology), the largest corporate holder of cryptocurrencies. Its shares have soared 50% since the election, while KULR’s shares have increased more than 16 times.