KULR Technology Shares Drop After Move to Include Bitcoin as Asset

Dow Jones12-04

By Chris Wack

KULR Technology Group shares fell after the company said its board of directors had agreed to include bitcoin as a primary asset in its treasury program.

Shares of the Houston company, which runs energy-management platforms, were down 13% to $1.22 in early trading Wednesday.

The company said it has more than $12 million in cash on hand, and with any future cash surplus, it was committed to allocating up to 90% of it to bitcoin.

KULR said the acquisition of bitcoin will be guided by market dynamics and anticipated cash flow requirements.

Bitcoin was trading at $96,300 a unit at 9:55 a.m. ET, up nearly 42% in the past month.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

December 04, 2024 10:07 ET (15:07 GMT)

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