Houston-based KULR Technology Group, Inc. (NYSE American: KULR), a leading provider of energy management platforms, has announced the acquisition of 217.18 Bitcoin (BTC) for approximately $21 million. The purchase was made at an average price of $96,556.53 per BTC.

This acquisition marks the first phase of KULR’s newly announced Bitcoin Treasury strategy. Earlier this month, on December 4th, the company revealed its intention to allocate up to 90% of its surplus cash reserves toward Bitcoin investments. The $21 million purchase is part of a series of acquisitions KULR plans to execute over time.

KULR has partnered with Coinbase (NASDAQ: COIN) for custody and related services. The Coinbase Prime platform will provide custody, USDC (USD Coin) services, and self-custodial wallet solutions for the company’s Bitcoin holdings.

KULR Technology Group specializes in advanced energy storage and management solutions for industries including aerospace, defense, and space exploration. The company aims to leverage its expertise in battery design, testing, and production to deliver cutting-edge energy solutions.

Bitcoin adoption among publicly traded companies has been growing steadily, with firms like MicroStrategy and Tesla paving the way for corporate treasury diversification through cryptocurrency investments.