KULR (KULR), a maker of advanced energy management systems, said it spent $8 million in bitcoin (BTC) to bring its total holding to 510 tokens.
At a weighted average price of $101,695, this equates to almost 79 bitcoins and means the company’s total investment now stands at $50 million.
The purchase follows the Houston, Texas-based company’s Dec. 4 announcement that it will invest a portion of its excess cash in the largest cryptocurrency as adoption of the Bitcoin treasury for public companies is gaining momentum.
The company has achieved a Bitcoin return of 127% so far this year, it said in a statement shared with CoinDesk. Yield is the percentage change in the ratio of one’s bitcoin holdings to its fully diluted shares outstanding over a given period.
Since announcing the investment strategy, the company’s NYSE-traded shares have soared 90%, while bitcoin has risen 7%. They closed Friday at $2.28 and were up 2.2% premarket Tuesday.
