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Cosmos Health Inc. (COSM) entered into a securities purchase agreement with a U.S.-based institutional investor for up to $300 million in senior secured convertible promissory notes to support an Ethereum digital asset treasury reserve strategy, according to a company statement.
The healthcare company must allocate at least 72.5% of net proceeds from each tranche closing toward building its digital asset treasury reserve, with the remainder designated for working capital and growth initiatives. BitGo Trust Company will provide custody and staking services for the Ethereum assets through institutional infrastructure.
"This financing marks a strategic milestone for Cosmos Health, offering shareholders direct exposure to ETH, currently one of the most widely adopted digital assets in the world," said CEO Greg Siokas in the statement. The facility is also intended to provide growth capital for product development, research and development, commercial initiatives, and planned U.S. manufacturing entry.
The Chicago-based company operates as a diversified healthcare group with pharmaceutical and nutraceutical brands including Sky Premium Life and Mediterranation. Through subsidiary Cana Laboratories S.A., it manufactures pharmaceuticals, food supplements, cosmetics and medical devices in the European Union under European Good Manufacturing Practices licensing.
Cosmos Health distributes pharmaceuticals and parapharmaceuticals to retail pharmacies and wholesale distributors through subsidiaries in Greece and the UK. The company has also entered telehealth through its acquisition of ZipDoctor Inc.
Curvature Securities LLC served as sole placement agent for the facility. The financing agreement is subject to satisfaction or waiver of certain unspecified conditions.