Prenetics Boosts Bitcoin Holdings by 187 BTC, Stock Jumps 8.7%

Prenetics, a healthcare company with headquarters in Hong Kong and the US, has made a notable entry into the cryptocurrency market by establishing a Bitcoin reserve worth $20 million. The company announced that it has acquired approximately 187 BTC at an average price of $106,712 per Bitcoin, utilizing a Kraken custody account. This strategic move is part of Prenetics' plan to significantly increase its Bitcoin holdings and aims to become one of the largest healthcare corporate Bitcoin holders globally.

The announcement coincides with the appointment of Andy Cheung, the former chief operating officer of OKEx, to Prenetics' board of directors. Additionally, Tracy Hoyos Lopez, the chief of staff of strategic initiatives at Kraken and the individual who reportedly led President Trump's adoption of crypto as a campaign strategy, has joined Prenetics' advisory team. Lopez highlighted the company's strengthened financial position and comprehensive Bitcoin strategy, which is expected to benefit from the accelerating institutional adoption of cryptocurrencies.

Prenetics reported having roughly $117 million in total liquidity, including pro-forma cash, Bitcoin holdings, and short-term assets. The company's stock (PRE) on the Nasdaq experienced an increase of more than 8.7% during Wednesday's trading session following the Bitcoin announcement.

This move by Prenetics mirrors the strategies adopted by other US companies in response to President Trump's executive order in March. The order called for the establishment of a "Strategic Bitcoin Reserve" and a "Digital Asset Stockpile." The US government reportedly holds around 200,000 BTC through seizures from civil and criminal cases. While it remains unclear if the Trump administration can legally increase the existing BTC stockpile, an adviser to the president has suggested revaluing the US Treasury's gold certificates to fund crypto purchases. This proposed plan aims to be budget-neutral, avoiding the use of taxpayer funds to buy BTC.

Prenetics' decision to invest in Bitcoin and onboard a former crypto adviser to President Trump underscores the company's commitment to integrating digital assets into its financial strategy. This move positions Prenetics to benefit from the growing acceptance and adoption of cryptocurrencies in the global economy. By establishing a substantial Bitcoin reserve, the company is diversifying its assets and mitigating risks associated with traditional investment vehicles. The onboarding of the Trump crypto adviser further emphasizes Prenetics' dedication to leveraging expert knowledge and experience in the cryptocurrency space. As the company continues to expand its Bitcoin holdings, it is likely to attract the attention of other healthcare companies and investors looking to capitalize on the opportunities presented by digital currencies. This strategic move is expected to have a significant impact on the healthcare industry and the broader cryptocurrency market.