Prenetics Invests $20M in Bitcoin, Adds Crypto Leaders and Trump Adviser Amid Institutional Adoption
Prenetics, a Nasdaq-listed health sciences firm based in Hong Kong and the US, has announced a $20 million investment in Bitcoin, purchasing approximately 187 BTC at an average price of $106,712 through a Kraken custody account. The company aims to diversify its $117 million balance sheet and position itself as a leading Bitcoin-holding healthcare business. Prenetics plans to significantly increase its future Bitcoin holdings and will begin accepting BTC payments for healthcare services by year-end. The board now includes experienced crypto leaders such as Andy Cheung (ex-OKX COO), Raphael Strauch (TOKEN2049), and Tracy Hoyos Lopez—Kraken’s Chief of Staff for strategic initiatives and an adviser to Donald Trump on crypto policy. The move reinforces a trend of increasing institutional and cross-sector adoption of Bitcoin, echoing strategies by companies like MicroStrategy and aligning with recent US government interest in national Bitcoin reserves. Following the news, Prenetics’ Nasdaq shares (PRE) surged by over 8.7%. For crypto traders, this highlights growing diversification of Bitcoin demand and signals greater convergence between traditional industries and the crypto sector.
Bullish
Prenetics’ $20 million acquisition of Bitcoin as a treasury asset, appointment of seasoned crypto advisers, and strategic plan to further increase Bitcoin holdings reinforce the growing trend of institutional and cross-sector adoption. This not only diversifies demand beyond traditional sectors but also signifies increased confidence and legitimacy in Bitcoin from publicly traded firms. The market reaction, as seen in Prenetics’ share price surge, highlights positive sentiment. Historically, similar moves by large companies, such as MicroStrategy, have contributed to both short-term price optimism and long-term support for Bitcoin’s market stability and growth, making this development bullish for BTC.