Prenetics Makes Bold Move: $20M in Bitcoin and Crypto Vet on Board

Hold onto your hats, folks! Prenetics just pulled a page right out of the Strategy playbook and became the first health sciences firm to dive headfirst into a hardcore Bitcoin treasury strategy. They've snapped up $20 million worth of BTC and brought crypto heavyweight Andy Cheung onto their board. Talk about shaking things up!

On June 18, Prenetics Global, listed on Nasdaq, dropped the bombshell that they'd bought $20 million in Bitcoin at an average price of $106,712 per token through Kraken. These guys are now sprinting in the corporate Bitcoin accumulation race that Michael Saylor kicked off back in August 2020. It's game on!

Remember Tysons Corner, Virginia-based Strategy? They kicked off their BTC journey with a whopping $250 million and have since stacked over $60 billion in the original cryptocurrency in just five years. They're living proof that corporate treasuries can absolutely thrive under a Bitcoin standard.

Bitcoin meets biotech: a new vision for healthcare and finance

Now, Prenetics is throwing down the gauntlet, betting that the traditionally cautious healthcare sector can ride this wave too. With a $117 million war chest, zero debt, and some slick institutional financing partnerships, plus a board now packed with crypto titans, Prenetics isn't just copying Strategy's moves—they're blazing their own trail in an industry where digital assets are still the wild west.

"We're on the brink of a revolutionary era where genomics, personalized medicine, and digital assets will collide in ways that'll flip the script on how we tackle human health, longevity, and wealth. To make this vision a reality on a grand scale, we need serious Bitcoin muscle—which is why we're building one of the biggest Bitcoin treasuries in healthcare," declared Danny Yeung, Prenetics' CEO.

But wait, there's more! Prenetics didn't just stop at buying Bitcoin. They made a strategic power play by bringing Andy Cheung, former COO of OKX, onto their board. Cheung's got over a decade of high-stakes experience in the crypto exchange game, managing billions in daily trading volume and building mind-blowing trading infrastructure.

Currently the CEO of both OEX and PredicXion, Cheung's got the chops to turn Prenetics' Bitcoin holdings from a static stash into a dynamic treasury powerhouse.

And he's not flying solo. Prenetics also roped in Tracy Hoyos Lopez, the Kraken mastermind behind Donald Trump's pro-Bitcoin pivot, and Raphael Strauch, the brains behind TOKEN2049, the planet's biggest crypto conference. Together, they're a dream team of regulatory wizards, institutional connectors, and hardcore trading pros.

But Prenetics isn't done yet. Their Bitcoin strategy is just getting started. They've got board approval to throw the majority of their balance sheet into BTC and roll out some killer alpha-generating moves like yield farming and structured products. Plus, they're gearing up to start accepting Bitcoin payments across their health platforms by the end of the year. Buckle up, because Prenetics is in it to win it!