KULR Stock Hits Six-Year High On First-Ever Bitcoin Buy Worth $21M: Retail Eyes More Upside In 2025
The last time the stock was trading at this levels was on the first day of listing, Jul. 18, 2018.
FollowShares of KULR Technology Group Inc. (KULR) surged nearly 35% in morning trade on Thursday after the advanced energy management platform announced its first-ever Bitcoin purchase of 217 BTC for approximately $21 million.
The move pushed the stock to a six-year high of $4.92, a level last seen during its initial listing in July 2018.
The rally comes amid a broader decline in Bitcoin-related equities, which have struggled following a 2.5% dip in the cryptocurrency’s price over the past 24 hours, now trading at approximately $96,000.
KULR’s Bitcoin buy comes after the company announced it was shifting to a Bitcoin-based treasury strategy akin to MicroStrategy (MSTR). The company intends to allocate up to 90% of its excess cash to acquiring Bitcoin.
While still at the lower end of the top corporate holders of Bitcoin, led by MicroStrategy Inc., Marathon Digital Holdings, and Riot Platforms Inc., retail sentiment is bullish around KULR’s new Bitcoin-based strategy.
Thursday’s momentum has taken the stock 4,394% above its 52-week low of $0.10 in February.
According to Stocktwits data, the ticker's watchers increased by 172% over the past year, with 14,541 investors following the stock.
The uptick in watch resulted in chatter jumping by 30,450% as the stock’s value increased over 2,450% year-to-date.
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Read also: MicroStrategy Stock Slides As Bitcoin-Fueled Equity Plan Raises Dilution Concerns Among Retail Investors
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