Know Labs (NYSE: KNW), a little-known healthcare stock, has skyrocketed over 200% following an interesting acquisition of its parent company, mainly funded through Bitcoin ( BTC ). The medical device company closed Friday’s session up 205% at $1.56 and is now up 213% over the past week. That momentum hasn’t slowed, with shares soaring another 100% in Monday’s pre-market trading to $3.13. KNW one-day stock price chart. Source: Google Finance The rally is fueling the announcement that Goldeneye 1995 LLC, an investment vehicle tied to Greg Kidd, former chief risk officer at Ripple, is acquiring a controlling stake in Know Labs using 1,000 Bitcoin and additional cash. At current prices, the Bitcoin component alone is worth over $105 million. Particulars of Know Labs acquisition Under the terms of the deal, Goldeneye will purchase common stock by dividing the total value of the 1,000 Bitcoin by Know Labs’ share price at the time of the agreement—$0.335. This structure significantly increases Goldeneye’s equity stake in the company. At the same time, Know Labs plans to retain Bitcoin as part of its treasury reserves, exposing investors to the digital currency . Once the acquisition is finalized, Kidd will take over as CEO and also assume the role of chairman of the board. “I’m thrilled to deploy a Bitcoin treasury strategy with the support of a forward-looking organization like Know Labs at a time when market and regulatory conditions are particularly favorable. We believe this approach will generate sustainable growth and long-term shareholder value,” Kidd said. Notably, the Seattle-based company specializes in noninvasive health monitoring technology . Its flagship product in development, KnowU, is a wearable, continuous glucose monitor that helps people with diabetes manage their blood sugar without needles. The device can be worn on the wrist, forearm, or as an adhesive patch with a removable sensor, offering a discreet and convenient alternative to traditional glucose testing. Featured image via Shutterstock The post This stock rallies over 200% on Bitcoin-led buyout of parent company appeared first on Finbold .
