Prenetics Global Limited has disclosed plans to establish a corporate bitcoin treasury despite a 94% stock decline since its 2022 public debut.
Bitcoin Bet: Healthcare Firm Prenetics Invests $20M After Market Cap Drops 94%
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Prenetics Allocates to Bitcoin
The Nasdaq-listed health sciences company purchased $20 million worth of bitcoin (187.42 BTC at $106,712/ BTC) via Kraken, it announced on June 18. The move follows a 1-for-15 reverse stock split in October 2023 to maintain Nasdaq compliance after severe price deterioration.
Concurrently, Prenetics appointed former OKX COO Andy Cheung to its board to oversee the bitcoin ( BTC) treasury initiative. The company aims to substantially increase its holdings and become a leading healthcare corporate bitcoin holder.
Prenetics’ market capitalization has plummeted from $1.7 billion at its May 2022 SPAC merger to $104.3 million. Adjusted for the reverse split, market data shows its stock has lost approximately 94.9% of its value.
The bitcoin strategy extends beyond simple holdings to include yield generation and cryptocurrency payments across its IM8 Health and CircleDNA platforms. CEO Danny Yeung cited “the convergence we’re witnessing between healthcare innovation and blockchain technology,” as justification.
Prenetics reported pro-forma liquidity exceeding $117 million despite its market struggles. Management raised 2025 revenue guidance to $80-$100 million, though the company hasn’t recorded a profit since going public.
Cheung emphasized “dynamic treasury management” using institutional-grade trading techniques rather than passive bitcoin storage. Prenetics’ shares rose more than 2% higher following the announcement.
