Why KULR Technology Stock Is Skyrocketing Today

KULR Technology (NYSEMKT: KULR) stock is posting another day of big gains in Monday trading. The company's share price was up 12% as of 3:45 p.m. EDT. KULR stock had been up as much as 15.7% earlier in the session.

After some initial volatility related to the announcement of its since-completed reverse stock split (which went into effect June 23), KULR stock has seen some recovery in rebound trading. The company's bet on Bitcoin (CRYPTO: BTC) has seemingly helped support the rally.

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KULR stock continues to be highly volatile following reverse split

On June 13, KULR announced that it would be carrying out an 8-for-1 reverse stock split. The announcement corresponded with a big sell-off for its stock, but the move allowed the company to continue trading on the NYSE American Market exchange. KULR is still down big from where it was trading before the reverse stock split news, but shares have also seen days of big upward volatility in subsequent trading as investors battle it on the valuation, and react to Bitcoin pricing fluctuations and trends shaping the broader market.

What's next for KULR?

KULR appears to be making investments in Bitcoin central to its long-term strategy. Earlier this month, the company announced that it had joined the Bitcoin for Corporations initiative headed up by Strategy -- a company that has seen big success after pivoting to a Bitcoin-focused business.

With its heavy focus on Bitcoin, KULR stock can be expected to make moves in conjunction with shifts in the cryptocurrency's token price. If Bitcoin continues its rally, KULR stock could see significant upside above current levels. On the other hand, KULR's pivot to Bitcoin is still a relatively recent development, and the company comes with other financial and operational baggage that could weigh on its stock performance.

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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.