Bitcoin adoption remains in its initial stages, asserted KULR CEO, as the company bolsters its cryptocurrency holdings.
KULR Technology Group Doubles Down on Bitcoin Investments 🎉
Get ready to feel the cryptocurrency heat, folks! KULR Technology Group, known for their energy storage and management game, just upped their Bitcoin game significantly. They've added a whopping 42 more BTC to their stack, bringing their total Bitcoin hoard to a staggering 716.2 BTC.
Now, this green light cost them a pretty penny—around $69 million to be exact. They scooped up their Bitcoins at an average price of a cool $96,342 per BTC. Looks like the energy storage whizzes are hodlers at heart!
This move follows KULR's December announcement that they planned to allocate up to 90% of their cash reserves to Bitcoin. At the time, they were siting on a respectable $12 million in change and were totally transparent about their motivations—financial resilience and the global adoption of Bitcoin.
Breaking new crypto ground—New Hampshire style! 🌐
Now here's something to get your state flag waving! New Hampshire just made history as the first state to greenlight Bitcoin and other digital assets as part of their investment strategy. Hooray for the Granite State!
This revolutionary decision means up to 10% of the state's funds could potentially be allocated to Bitcoin, as long as it checks all the right boxes, including having a market cap of at least $500 billion.
KULR's CEO, Michael Mo, has been champing at the bit to integrate emerging financial technologies into their operations, and he's understandably hyped about this news. He believes the global acceptance of Bitcoin is still way in its infancy, with governments, companies, and capital markets increasingly embracing blockchain and crypto assets.
But wait, there's more! KULR also reported a mind-blowing 197.5% BTC yield just recently, a proprietary metric that measures the percentage change in the Bitcoin they own compared to their fully diluted shares.
Why max out on Bitcoin, yet obsess over its price, Maxis? 🤔
Now we have to admit—this is some head-scratching stuff. KULR and other companies are investing big time in Bitcoin, yet their leaders seem to be fixated on the price like it's the only thing that matters. Hmm... does the old adage "don't count your chickens before they hatch" ring a bell?
Following New Hampshire's trailblazing decision to permit cryptocurrency investments, the status of state-level crypto investments in the United States as of now looks like this:
New Hampshire 🏆
- Authorization: New Hampshire has taken the lead in allowing up to 5% or potentially 10% of its public funds to be invested in cryptocurrencies and precious metals, with Bitcoin being the only digital asset currently qualifying due to its market cap surpassing $500 billion.
- Legislation: The law requires that assets be managed under state supervision or through regulated custodians and exchange-traded products.
Other States 🚧
- Challenges: Various roadblocks have surfaced in other states where politicians and regulators are attempting to create similar reserve funds.
- Failed Initiatives: In many instances, proposed legislation has been nixed, such as Arizona's aborted attempt to invest retirement funds in Bitcoin.
- Active Bills: At present, there are still 36 active bills concerning Bitcoin reserves in 19 different states, although the number has dwindled from over 45 in recent times.
So there you have it—New Hampshire has bucked the trend and gone all in on crypto, but other states are treading cautiously or still stuck in the starting blocks. Only time will tell if they follow suit or play it safe. Stay tuned, folks! 🤘🏻
- KULR Technology Group, known for energy storage and management, has significantly increased their Bitcoin investments, purchasing 42 more BTC, totalling 716.2 BTC.
- The $69 million acquisition was made at an average price of $96,342 per BTC.
- In December, KULR announced plans to allocate up to 90% of their cash reserves to Bitcoin, citing financial resilience and the global adoption of Bitcoin as motivations.
- New Hampshire has become the first state to allow Bitcoin and other digital assets as part of their investment strategy, potentially allocating up to 10% of state funds.
- The state requires assets to be managed under state supervision or through regulated custodians and exchange-traded products.
- Other states face challenges in creating similar reserve funds, with proposed legislation being nixed in many instances.
- As of now, there are 36 active bills concerning Bitcoin reserves in 19 different states, although the number has dwindled from over 45 recently.
