KULR (KULR), a maker of advanced energy management systems, said it spent $8 million on bitcoin (BTC) to bring its total holdings to 510 tokens.
At a weighted average price of $101,695, that’s equivalent to almost 79 bitcoins and means the company’s total investment is now $50 million.
The purchase follows the Houston, Texas-based company’s Dec. 4 announcement that it will invest some of its excess cash in the largest cryptocurrency as bitcoin treasury adoption for public companies gains steam.
The company has achieved a 127% bitcoin return so far this year, it said in a statement shared with CoinDesk. The yield is the percentage change in the ratio between your bitcoin holdings and your fully diluted shares outstanding over a given period.
Since the investment strategy was announced, the company’s shares listed on the New York Stock Exchange have soared 90%, while bitcoin has added 7%. They closed Friday at $2.28 and were up 2.2% in premarket trading on Tuesday.
