This Battery Company YOLOs $21 Million Into Bitcoin - Shares Explode +41%!

Well, well, well, looks like KULR Technology just took a page out of the Michael Saylor playbook and decided to YOLO its way into the crypto world. The energy storage company, known for keeping batteries from spontaneously combusting (looking at you, Samsung Galaxy Note 7), just announced it dropped $21 million to buy 217.18 Bitcoins at an average price of $96,556 per BTC. The result was about as you’d expect—KULR’s stock surged 41%, hitting a record high of $4.80 because apparently, batteries and blockchain are the new peanut butter and jelly.

(Source: Giphy) 

In short, KULR is going all-in on crypto as the company revealed it plans to allocate up to 90% of its surplus cash into Bitcoin under a “Bitcoin Treasury” strategy. Naturally, CEO Michael Mo claims the inspiration came from MicroStrategy’s Michael Saylor, who famously calls Bitcoin “digital energy.” And honestly, for a company specializing in energy management, it’s kind of poetic. “We believe BTC is the future of money,” said Mo, adding that a social media poll of shareholders overwhelmingly approved the move. (Because when has Twitter/X ever steered anyone wrong?)

(Source: CoinTelegraph) 

Of course, the $21 million purchase is just the first step, with more buys planned as Bitcoin continues to hover around it's all-time highs—but KULR even teamed up with Coinbase Prime for custody and self-custodial wallet services. Translation: They’re being smart in not leaving millions just sitting in a hot wallet like a rookie trader.

What’s even more interesting about this is the fact that while Wall Street loves a good crypto-fueled rally, KULR’s stock has already been on a tear. Shares are up more than 2,500% this year, riding the coattails of Bitcoin’s meteoric rise (and, let’s be honest, some serious hopium). But still, they aren’t the only ones jumping on the Bitcoin bandwagon this holiday season. 

(Source: Giphy) 

For instance, MicroStrategy, the OG Bitcoin Whale and holding over 444,000 BTC, plans to buy  $42 billion worth in the coming years. Matador Technologies just dropped $4.5 million on BTC as part of its “capital preservation strategy.” Quantum BioPharma, just bought $1 million worth of BTC, and Metaplanet, a Japanese investment firm, recently acquired 620 BTC, proving once again that everyone around the world wants a piece of the crypto action. Call it the MicroStrategy Effect or just plain FOMO, but corporate Bitcoin treasuries are officially a thing now.

But, but, but… with that said, Bitcoin is still volatile. Like, “turn your hair gray overnight” volatile. And while KULR’s stock is currently riding high on its crypto pivot, the strategy isn’t without risks. If Bitcoin continues to go south, KULR could find itself in some seriously hot water without a life jacket. 

(Source: Investopedia) 

On the other hand, there’s also the whole “what does this have to do with energy storage?” question. Sure, Michael Mo can wax poetic about “digital energy,” but at the end of the day, KULR is still a battery company. If this Bitcoin bet doesn’t pay off, it’ll be hard to explain to non-degenerate investors why the company was busy buying crypto instead of, you know, focusing on its core business.

In the end, a $21 million BTC bet is nothing to sneeze at. And while it’s equal parts bold and crazy, it’s the world we live in now. The stock market isn’t about fundamentals anymore; it’s about vibes. And right now, the vibe is all about Bitcoin, baby. Now obviously, only time—and the next crypto crash—will tell if this was a smart investment or not… but in the meantime, keep an eye on KULR as the stock is making major waves this week.

As always, place your bets accordingly and stay safe and stay frosty, friends! Until next time…

P.S. KULR buying $21 million in BTC is definitely a cool story, and while their investors saw a nice holiday frenzy—Stocks.News premium members just witnessed a 300%+ banger first hand! Click here to join our elite community and officially grab the market by the balls horns! 

Stocks.News does not hold positions in companies mentioned in the article.