Kulr Technology Group aims to raise $300 million to strengthen the Bitcoin Treasury Department. The company revealed Monday in a filing with US federal regulators.
California-based Kulr is aiming to become a self-proclaimed “Bitcoin-first” company, and with the support of Cantor Fitzgerald, plans to raise $300 by selling common stock through market offerings. In addition to using funds to increase working capital, it also collects more Bitcoin for the Corporate Treasury, which was established last year.
“Building a long-term accumulation flywheel.Kulr Technology CEO MichaelMo said Monday in a shared statement DecryptionThe company added that it is “not hampered by short-term market volatility.”
Following the announcement, Kulr shares are trading at $1.20, showing a 2% increase over the past day.
The company holds 920 Bitcoin worth approximately $996 million at the time of writing Coingecko data show.
Kulr’s bid to expand Bitcoin Holdings is because the digital assets that hit May 22nd are about 4% lower than the all-time high of $112,000.
According to Crypto Data Provider Coingecko, Bitcoin has recently changed hands to $108,600, up about 2.2% over the past 24 hours.
The recent surge in Bitcoin prices has encouraged rashes in public and private companies, adding cryptocurrencies to the balance sheet and modeling Michael Saylor’s software company strategy.
According to the report, more than five dozen public companies and more than 12 private companies currently own Bitcoin. data From Bitbo, several companies recently announced their intention to establish Bitcoin finances. Among the companies that have embraced the Bitcoin-centric playbook of strategy over the past few months is SolarBank, a public company of Blockchain Group. Treasure Global and Davis products.
More broadly, 227 entities own Bitcoin at the time of publication. data From bitcointreasuries.net. Overall, the entity holds $177 billion in Bitcoin, with strategy tokens accounting for about a third of holdings in $63 billion, or a combination of these, data shows.
A salary increase will also be available as Kulr I said On Monday, in a statement that it was participating.Bitcoin for businesses“(“BFC”) Accelerator of institutional Bitcoin adoption introduced by the initiative, strategy and Bitcoin Magazine.
As an executive member of the initiative, KULR will participate in efforts to promote the integration of publicly traded companies into the Ministry of Finance through the use of institutional-grade tools, businessgramwork and peer support networks.
Edited by James Rubin
