Former executive's new company adopts Bitcoin-based reserve approach
Title: Bitcoin Treasury Transformation: Greg Kidd's Health-Tech Venture Embraces Crypto
Get ready for a crossover of tech and health, folks! Greg Kidd, a renowned fintech investor and former Ripple exec, is the mastermind behind a novel venture: Know Labs Inc. - a medical device company specializing in non-invasive health solutions - will be adopting a Bitcoin treasury strategy.
In a game-changing move, Kidd, through his affiliate Goldeneye 1995 LLC, is acquiring a majority stake in Know Labs. Kidd, poised to become the new CEO and Chairman post-acquisition, shared his excitement, stating that "market and regulatory conditions are particularly favorable".
The acquisition will be funded with a mix of Bitcoin and hard cash. Goldeneye is handing over 1,000 BTC as part of the deal, with Know Labs set to deploy this Bitcoin as part of their newly embraced crypto treasury strategy. This move is expected to provide investors with significant exposure to the much-touted digital asset, potentially beefing up the company's value proposition.
Once the Bitcoin hits Know Labs' balance sheet, it'll account for approximately 82% of the firm's $128 million market cap, given a BTC price of $105,000 at closing. The net asset value multiple is projected to be a head-turning 1.22x.
Remember Michael Saylor's MicroStrategy? They were among the first to jump on the Bitcoin bandwagon, amassing a massive digital gold hoard since August 2020. Like Saylor, Kidd is hoping to ride this Bitcoin wave, which, he believes, is especially popular given the current market and regulatory climate.
The transaction is expected to wrap up in Q3 2025, subject to shareholder approval and standard closing conditions. And who knows? The bold move by this health-tech company could see more companies, particularly in non-traditional crypto sectors, diving into the digital assets pool.
FYI- Greg Kidd is a prominent investor and entrepreneur, who co-founded the venture capital firm Hard Yaka. He's known for his backing of major crypto companies like Ripple, Coinbase, and Solana.- Know Labs is a publicly traded medical device company on the NYSE American, specializing in non-invasive health monitoring.- The deal is financed with 1,000 Bitcoin and cash, valuing shares at $0.335 each. It's expected to close in Q3 2025, subject to standard conditions.
- The bulk of Know Labs Inc.'s market cap will be comprised of Bitcoin following the acquisition, as Greg Kidd's affiliate, Goldeneye 1995 LLC, is providing 1,000 BTC as part of the deal.
- In a notable shift, Know Labs, a medical device company on the NYSE American, will deploy the received Bitcoin as part of their newly adopted crypto treasury strategy.
- By adopting a Bitcoin treasury strategy, Know Labs joins companies like MicroStrategy, which has been amassing a significant digital gold hoard since August 2020.
- As a renowned fintech investor, Greg Kidd, who has backed prominent crypto companies such as Ripple, Coinbase, and Solana, hopes to capitalize on the current popularity of Bitcoin.
- The move towards crypto adoption by traditional sectors, like health technology, could potentially encourage more companies to dive into the digital assets pool.
