Greg Kidd, former chief risk officer (CRO) at enterprise blockchain company Ripple, is buying a controlling stake in technology company Known Labs.
Once the deal closes in the third quarter of the year, Kidd will become the CEO of Know Labs and the chairman of the company's board.
The stake will be acquired with 1,000 Bitcoin (roughly $105 million at press time) and some cash.
Kidd will use the coins to implement a Bitcoin treasury strategy, meaning that it will own and hold them.
Taking a page from the famous playbook of Michael Saylor's Strategy, Known Labs will make the flagship cryptocurrency its core value proposition.
Bitcoin is expected to represent 82% of the company's total market cap.
As reported by U.Today, Ripple CEO Brad Garlinghouse recently opined that the Bitcoin community should not be viewed as an enemy of XRP holders, advocating for unity within the industry.
