Greg Kidd, former executive at Ripple, purchases Know Labs using Bitcoin
Goldeneye 1995 LLC, a company tied to fintech investor Greg Kidd, formerly of Ripple and serving as chief risk officer, is ready to acquire a controlling stake in health monitoring enterprise Know Labs through the utilization of 1,000 Bitcoin along with supplementary cash resources.
The medical device manufacturer Know Labs, situated in the United States, specializes in crafting non-invasive tools for health monitoring employing radio-microwave spectroscopy technology. This innovative approach allows for the detection and measurement of molecules both within and outside the human body.
At the core of Know Labs’ endeavors lies the development of KnowU, an innovative wearable gadget functioning as a continuous blood glucose monitor. This device integrates sensor technology meticulously designed to assist individuals grappling with diabetes in managing their medical condition with efficiency and ease. The versatility of KnowU means it can be worn in varied ways – it can be attached as an adhesive secured by the wearer, or comfortably situated on the wrist or forearm with the aid of a strap.
Goldeneye will facilitate the procurement of Know Labs’ common stock with the contribution of 1,000 Bitcoin, each coin estimated to be worth around $105,160.57 at present, alongside a designated portion of monetary funds. Subsequently, the actual number of shares Goldeneye will obtain is determined by dividing the aggregate value of the Bitcoin with the company’s current share price sitting at $0.335 per share.
Opting to maintain the 1,000 Bitcoin allotment as a segment of their fiscal treasury or assets, Know Labs may indirectly garner the benefits associated with a potential appreciation in the value of Bitcoin over time. As the deal reaches its fruition, Kidd will ascend to the role of CEO and occupy the chairman’s seat on the company’s board of directors.
Kidd expressed his enthusiasm for the strategized use of Bitcoin reserves as part of treasury management, endorsing Know Labs as a progressive entity with a propensity for embracing favorable market conditions and regulatory landscapes. Ultimately, Kidd is optimistic that this approach will yield enduring growth opportunities and an upsurge in shareholder value.
The past trajectory of Know Labs’ stock performance demonstrates its current position on the New York Stock Exchange under the symbol KNW, currently valued at $0.81 per share. Origination as a publicly traded entity transpired back in 2006, with an initial share price of $6,600. The inherent volatility prevalent in cryptocurrencies, typified by Bitcoin’s fluctuating value, has positioned the coin’s worth at around $111,681.70 at the close of May. A year-earlier, Bitcoin was trading in the vicinity of $71,103.14.
An analogous move to incorporate Bitcoin holdings into their asset reserves was made by Semler Scientific, a medical technology firm focused on catering to the demands for early detection and treatment protocols for chronic diseases. In February, the company revealed its acquisition of an additional 871 Bitcoins valuing $88.5 million, propelling the aggregate Bitcoin holdings of Semler Scientific to 3,192 coins.
