KULR Technology Group, Inc. (NYSE American: KULR) is an energy management and thermal technology company headquartered in San Diego, California. Founded in 2013, KULR specializes in advanced thermal management solutions, including carbon fiber cooling systems, battery safety technology, and energy storage solutions used in aerospace, defense, and commercial applications. In late 2024, KULR made headlines by announcing a Bitcoin treasury strategy, becoming one of the first small-cap technology companies to allocate its corporate cash reserves to Bitcoin. As of early 2026, the company holds approximately 1,057 BTC.
KULR's decision to adopt Bitcoin as its primary treasury reserve asset drew significant attention because of the company's profile as a legitimate deep-tech company with customers including NASA and the U.S. Department of Defense. Unlike many Bitcoin treasury adopters that are either crypto-native companies or struggling businesses looking for a narrative pivot, KULR has a genuine technology business with real products and established government contracts. This lent credibility to the company's Bitcoin treasury decision and demonstrated that Bitcoin adoption was spreading to companies across diverse technology sectors.
Bitcoin Treasury Strategy
KULR announced its Bitcoin treasury strategy in December 2024, initially purchasing 217 BTC for approximately $21 million. The company stated that it intended to allocate up to 90% of its surplus cash to Bitcoin, making it one of the most aggressive treasury allocation policies of any publicly traded company outside the pure-play Bitcoin sector. CEO Michael Mo described Bitcoin as "a long-term strategic asset that aligns with our mission of pioneering energy innovation."
The company continued to purchase Bitcoin throughout 2025, growing its holdings to approximately 1,057 BTC through a series of market purchases funded by operating cash flow and capital market activities. KULR's purchases were typically announced individually, with each purchase generating media coverage and social media engagement that raised the company's profile within the Bitcoin community.
KULR's treasury strategy was explicitly inspired by Michael Saylor and Strategy's approach. Mo has publicly credited Saylor's advocacy and the Strategy playbook as key influences on KULR's decision to adopt Bitcoin as a treasury asset. The company's experience illustrates how the Bitcoin treasury model has cascaded from large-cap pioneers to smaller technology companies willing to make bold capital allocation decisions.
Core Technology Business
KULR's underlying technology business centers on thermal management solutions that prevent batteries and electronic systems from overheating. The company's carbon fiber-based cooling technology is used in battery packs, aerospace systems, and electric vehicles, where thermal runaway -- the uncontrolled self-heating of a battery cell -- poses significant safety risks. KULR's products have been tested and deployed by NASA, the U.S. military, and commercial partners.
The company has also developed battery safety and testing solutions, including its internal short circuit (ISC) technology that can simulate battery failures for safety testing purposes. This technology has been adopted by major battery manufacturers and automotive companies as part of their quality assurance processes.
KULR's dual identity as both a thermal technology company and a Bitcoin treasury company creates an unusual investment proposition. Shareholders gain exposure to both a growing technology business serving high-value government and commercial customers and a Bitcoin treasury that provides direct BTC price exposure. The combination has attracted interest from both technology-focused investors and Bitcoin-oriented investors, broadening the company's shareholder base.