What to know:
- KULR is on a quest to raise a staggering $300 million through an at-the-market offering of common stock. Because who doesn’t love a good stock sale?
- The company, currently hoarding 800 BTC like a squirrel with acorns, plans to use the funds for general corporate purposes, including acquiring even more bitcoin. Because why not?
Ah, the energy-management firm KULR (KULR) is at it again, seeking to raise up to $300 million by selling shares of its common stock in an at-the-market (ATM) offering, courtesy of Cantor Fitzgerald. One can only wonder if they’ll throw in a complimentary toaster with every share sold.
The funds, as the company so graciously disclosed in an SEC filing, will be used for general corporate purposes, including working capital and the acquisition of more bitcoin. Because, you know, having just 800 BTC isn’t quite enough to impress the neighbors.
Based in sunny California, KULR decided to adopt bitcoin as its primary treasury reserve asset in late 2024, following a strategy that seems to be all the rage these days. They’re practically trendsetters in the world of digital currency, holding 800 BTC, according to BitcoinTreasuries data. Who knew being a digital hoarder could be so fashionable?
Many companies, eager to build their bitcoin treasure chests, have turned to at-the-market programs to fund their purchases. This includes Strategy, which has also dabbled in preferred stock ATM programs, along with The Blockchain Group, MARA Holdings, and Semler Scientific. It’s like a club for those who love to collect digital coins!
To bolster its bitcoin accumulation efforts, KULR has also leased 5,500 S-19 bitcoin miners in two agreements totaling over $4 million. Because if you can’t buy bitcoin, why not just mine it? It’s like digging for gold, but with a lot more electricity involved.
So far, the company has managed to earn nearly 10 BTC from these operations. They’ve also purchased hundreds more on the open market through Coinbase, adding 449.45 BTC in the three months ending on March 31, and an additional 244.36 BTC since. At this rate, they’ll be the proud owners of a small island in the metaverse soon!
In a twist of fate, KULR’s shares have gained a modest 3.4% today, reaching the lofty height of $1.22. Who knew that the stock market could be so thrilling? 🎢
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2025-06-09 19:19