KULR buys another $5 million worth of bitcoin, taking the Strategy-emulator's total holdings to 668 BTC

KULR Technology Group has acquired another 58.3 BTC for approximately $5 million at an average price of $88,824 per bitcoin, inclusive of fees and expenses, according to an 8-K filing with the Securities and Exchange Commission on Tuesday.

The company now holds a total of 668.3 BTC, worth $59 million at current prices, acquired at an average price of $97,305 per bitcoin for a total cost of around $65 million, according to KULR CEO Michael Mo.

These latest acquisitions align with KULR’s bitcoin treasury strategy announced on Dec. 4, 2024, committing up to 90% of its surplus cash reserves to be held in bitcoin, the firm said in a statement .

KULR specializes in thermal management solutions designed to improve the safety and efficiency of energy storage systems, especially for lithium-ion batteries. It is also among an increasing number of firms looking to emulate Strategy's (formerly MicroStrategy) bitcoin acquisition playbook, alongside Semler Scientific , Metaplanet and Japanese game maker Gumi , among others.

Like those firms, KULR uses a key performance indicator known as BTC Yield to assess the effectiveness of its bitcoin acquisition strategy in driving shareholder value. BTC Yield represents the percentage change period-to-period of the ratio between KULR’s bitcoin holdings and its assumed diluted shares outstanding. Year-to-date, KULR said it has achieved a BTC Yield of 181.1%, leveraging a combination of surplus cash and its at-the-market equity program to fund purchases.

KULR's stock is currently up 2.1% in early trading on Tuesday, according to TradingView, having gained more than 618% over the past year but lost 55% year-to-date.

Strategy surpasses 500,000 BTC

Meanwhile, on Monday, bitcoin corporate treasury leader Strategy announced it had surpassed 500,000 BTC in total holdings following the purchase of another 6,911 BTC for approximately $584.1 million in cash at an average price of $84,529 per bitcoin between March 17 and March 23.

The latest acquisitions were made using proceeds from the sale of its class A common stock, MSTR, and perpetual strike preferred stock, STRK.

The company now holds a total of 506,137 BTC — worth over $44 billion. Strategy's total holdings were bought at an average price of $66,608 per bitcoin, a total cost of around $33.7 billion, including fees and expenses, according to the company's co-founder and executive chairman, Michael Saylor. To put that in perspective, Strategy holds around 2.4% of bitcoin’s total 21 million supply.