Dev Technology Company Does Not Hesitate in Bitcoin Purchases: Surpasses 1,000 BTC!
KULR Technology Group continues to purchase Bitcoin (BTC), having bought an additional 90 BTC for approximately 10 million dollars, raising its total holdings to 1,021 BTC.
According to a notification made to the U.S. Securities and Exchange Commission (SEC) on Thursday, the company completed its latest purchase at an average price of 108,884 dollars per Bitcoin. With this acquisition, KULR's total Bitcoin holdings reached a value of approximately 113 million dollars, while the company's average purchase cost was at the level of 98,627 dollars. According to data disclosed by the company's CEO, Michael Mo, KULR's total acquisition cost is around 101 million dollars, and the company currently has a paper profit of approximately 12 million dollars.
On July 8, KULR borrowed a loan of 8 million dollars from Coinbase's subsidiary, Coinbase Credit, in the first phase. This loan was secured against approximately 166 BTC at an interest rate of 8%. The collateral amount covers 156.25% of the loan.
With the latest move, KULR rose to 31st place in the Bitcoin Treasuries ranking, which tracks Bitcoin investments of publicly traded companies, including names like Semler Scientific and Metaplanet. This move also made the company a member of the 1,000 BTC club for the first time.
Additionally, the company announced that it achieved significant success by reaching a BTC Yield rate of 291.2% since the beginning of the year, which is an important performance indicator used to measure the effectiveness of Bitcoin investment.
KULR's shares closed at 6.45 dollars following a decline on Wednesday, and today they are trending sideways in pre-market trading.