Know Labs, Inc. Announces Bitcoin Treasury Strategy with 1,000 Bitcoin
In the exciting world of cryptocurrencies, Know Labs, Inc. has made a groundbreaking announcement of adopting a Bitcoin Treasury Strategy, starting with a significant 1,000 Bitcoin investment and appointing Greg Kidd as the new CEO of the company. This move signals a major shift towards incorporating Bitcoin as a pivotal element of the company’s financial strategy.
Know Labs, Inc. has entered into an agreement with Goldeneye 1995 LLC and Greg Kidd, the Chief Risk Officer at Ripple, to acquire a controlling interest in the company. This strategic move will see Greg Kidd taking on the role of Chief Executive Officer and Chairman of the Board, with Founder Ron Erickson stepping into the position of Vice Chairman.
With the use of 1,000 Bitcoin, Know Labs, Inc. will allocate a portion of the value to pay down existing debt, redeem preferred equity, and provide additional working capital. Each share of the company’s common stock will be priced at $0.335 in this transaction, creating an opportunity for investors to gain exposure to Bitcoin through the company’s treasury strategy.
Greg Kidd expressed his enthusiasm for implementing a Bitcoin treasury strategy within Know Labs, stating that it will drive sustainable growth and enhance long-term shareholder value. As Bitcoin becomes the primary asset on the company’s balance sheet, the management plans to assess the premium investors place on the market value relative to its Bitcoin assets using a multiple of net asset value (mNAV) metric.
The global trend of companies adopting Bitcoin as a treasury reserve asset has been on the rise, with 225 entities currently holding Bitcoin in their balance sheets. Norwegian Block Exchange (NBX) is one such example, becoming the first publicly listed company in Norway to include Bitcoin in its treasury strategy. NBX emphasized its commitment to holding Bitcoin and using proceeds to acquire additional Bitcoin in the future.
The integration of Bitcoin into Know Labs, Inc.’s financial strategy represents a strategic shift that aligns with the evolving landscape of digital assets. With Greg Kidd’s leadership and the company’s vision for growth, Know Labs is poised for a bold and innovative future.
Follow CryptoTrend for more daily crypto insights!