Prenetics Global Limited (NASDAQ:PRE) announced on Wednesday that it had completed a $20 million in Bitcoin (CRYPTO: BTC/USD) purchase of 187.42 BTC at an average price of $106,712 per Bitcoin via a Kraken custody account.
The move follows divestitures that strengthened Prenetics’ pro-forma cash to approximately $66 million and Pro-forma cash, BTC and short-term assets to roughly $117 million.
The comprehensive long-term Bitcoin strategy, approved by its Board of Directors, includes board approval to allocate most of the company’s balance sheet to Bitcoin, implement an alpha-generating strategy, and institutional discussions for expanded Bitcoin acquisition.
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Prenetics plans to increase its Bitcoin holdings substantially and aims to become one of the largest healthcare corporate Bitcoin holders globally.
Prenetics also announced the appointment of Andy Cheung, former COO of OKEx, to its Board of Directors. Mr. Cheung, former COO of OKEx (now one of the world’s top-3 cryptocurrency exchanges) and current Co-Founder & CEO of both OEX and PredicXion, brings a decade of crypto exchange operations expertise, managing billions in daily trading volume.
Prenetics’ Bitcoin initiative extends far beyond a simple treasury allocation. It represents a comprehensive long-term digital asset strategy directly inspired by successful corporate Bitcoin adopters like MicroStrategy and Metaplanet, who have demonstrated Bitcoin’s transformative potential as a superior treasury asset.
The Board has approved allocating most of Prenetics’ balance sheet to Bitcoin. The company is actively discussing with leading financial institutions to develop a comprehensive long-term Bitcoin acquisition plan.
The company said it will implement sophisticated alpha-generating strategies, including yield generation, strategic collateralization, and structured products, to maximize returns on its Bitcoin holdings.
Prenetics will soon accept cryptocurrency payments across both of its direct-to-consumer platforms, including IM8 Health and CircleDNA, creating a Bitcoin ecosystem from treasury to operations.
The company said it views Bitcoin not as a speculative investment but as a fundamental transformation of corporate treasury management for the digital age.
Price Action: PRE stock closed higher by 7.13% at $7.51 on Tuesday.
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