Which of these Bitcoin-driven companies is a better investment right now?

MicroStrategy (MSTR 3.59%) and KULR Technology (KULR -14.37%) both recently generated a lot of buzz with their big investments in Bitcoin (BTC -0.09%). Microstrategy, which started buying Bitcoin in 2020, had accumulated 279,420 Bitcoins as of Nov. 10. Those holdings are worth $26.2 billion, or 35% of its enterprise value of $75.3 billion, and have largely overshadowed its core software business.

KULR, a developer of thermal management solutions for lithium-ion batteries, plans to spend 90% of its surplus cash on Bitcoin. It made its first purchase of 217.18 Bitcoins on Dec. 6. Those holdings are worth $20.4 million and equivalent to 2% of its enterprise value of $851 million.

During the past 12 months, MicroStrategy's stock rose 380% as KULR's stock skyrocketed almost 1,800%. Let's see why KULR outperformed MicroStrategy -- and whether it will remain the better investment over the next few years.