KULR Technology Group (NYSE American: KULR) announced on May 20, 2025, that its Bitcoin holdings have reached 800.3 BTC, valued at approximately $78 million as of the latest market price. The increase stems from a new $9 million purchase at a weighted average price of $103,234 per Bitcoin, including fees.
$9M Bitcoin Acquisition Extends KULR’s Treasury Strategy
This latest acquisition aligns with KULR’s December 2024 strategy to allocate up to 90% of surplus cash reserves into Bitcoin. The company stated that the newly acquired Bitcoin has been transferred to its dedicated custodial wallet and that it intends to continue adding to its position using excess cash. Prior to this, KULR held approximately 510 BTC at the end of 2024, meaning its holdings have grown nearly 60% in just a few months, outpacing most publicly listed companies in the pace of accumulation.
KULR Reports 220.2% 'BTC Yield' – A Contested Metric
Alongside the purchase, KULR disclosed its self-built performance indicator called “BTC Yield,” which currently stands at 220.2%. This metric measures the percentage growth in Bitcoin holdings relative to the company’s fully diluted outstanding shares. KULR emphasizes that BTC Yield is a key performance indicator for gauging the efficiency of its treasury strategy in expanding its Bitcoin exposure per share. However, the company explicitly warns that BTC Yield should not be conflated with traditional yield metrics. It does not reflect overall financial health, liabilities, or other risk factors. In fact, the calculation excludes liabilities and other financial variables, making it solely a measure of the relative expansion speed of Bitcoin reserves on a per-share basis.
Stock Surge and Market Implications
The market has responded favorably to KULR’s bold strategy. Over the past six months, the company’s stock price has risen more than 250%, from around $0.30 to over $1.10, significantly outperforming the Nasdaq index. Yet analysts caution that KULR’s share price is now heavily correlated with Bitcoin’s price movements. Should Bitcoin experience a significant drawdown, the stock could face substantial volatility. Moreover, KULR’s decision to allocate the majority of its cash reserves to a single digital asset introduces a concentration risk rarely seen among public companies, with only MicroStrategy adopting a similarly aggressive approach.
Is BTC Yield a Marketing Tool or a Genuine Performance Gauge?
Some cryptocurrency industry observers argue that KULR’s “BTC Yield” is essentially a repackaged holding growth rate, primarily designed to attract investors interested in Bitcoin-focused strategies. Similar to MicroStrategy’s use of the same term, the metric helps demonstrate the efficiency of Bitcoin acquisitions but fails to capture operating profitability or balance sheet risks. KULR itself notes in its filings that the indicator should not be considered a forecast of future performance. Long-term sustainability remains a key question as Bitcoin’s volatility, regulatory shifts, and the company’s own operating cash flow will determine whether KULR can maintain its aggressive purchasing cadence.
At press time, Bitcoin was trading near $97,500, approximately 3.5% below KULR’s latest purchase price. The company stated it would continue to monitor market conditions and does not rule out further increases in its allocation.