Better Bitcoin Stock: MicroStrategy vs. KULR Technology

Core Investment Insights - MicroStrategy has accumulated 279,420 Bitcoins worth $26.2 billion, representing 35% of its enterprise value of $75.3 billion, overshadowing its core software business [1][4] - KULR Technology plans to allocate 90% of its surplus cash to Bitcoin, having purchased 217.18 Bitcoins valued at $20.4 million, which is 2% of its enterprise value of $851 million [2][10] - Over the past year, MicroStrategy's stock increased by 380%, while KULR's stock surged nearly 1,800% [2] MicroStrategy Overview - MicroStrategy, initially a slow-growth analytics software developer, shifted its strategy to focus on Bitcoin investments after facing market saturation and competition [3] - The company spent $11.9 billion on Bitcoin, averaging $42,692 per Bitcoin, while Bitcoin currently trades around $94,000 [4] - MicroStrategy's core software business revenue declined by 1% in 2023, with a projected further decline of 5% in 2024, before a modest growth of 2% in 2025 [5] KULR Technology Overview - KULR's Bitcoin investment has not yet generated unrealized profits, having spent about $21 million at an average price of $96,557 per Bitcoin [7] - KULR's core business, focused on thermal management solutions for lithium-ion batteries, shows significant growth potential, with revenue soaring 146% to $9.8 million in 2023 [9] - Analysts expect KULR's revenue to grow to $10.2 million in 2024 and jump to $18.1 million in 2025, driven by new government contracts [9] Comparative Valuation - MicroStrategy trades at 120 times sales with an enterprise value of $75.3 billion, while KULR trades at 59 times sales with an enterprise value of $851 million [10] - KULR is considered a better investment due to its faster-growing core business, better diversification, and more reasonable valuation compared to MicroStrategy [11]