From 94% Drop to Bitcoin Top: Prenetics’ Bold Move in Healthcare! 💰🚀

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Well, well, well! Prenetics Global Limited has decided to dive headfirst into the world of bitcoin, despite their stock taking a nosedive of 94% since they graced the public stage in 2022. Talk about a bold move! 🎢

Prenetics Takes the Bitcoin Plunge

In a move that can only be described as audacious, this Nasdaq-listed health sciences company has splurged a whopping $20 million on bitcoin (that’s 187.42 BTC at the eye-watering price of $106,712 per BTC) through Kraken. They announced this on June 18, right after a 1-for-15 reverse stock split in October 2023, which was basically their way of saying, “We’re still here, Nasdaq!” after their stock price took a dramatic tumble. 📉

Prenetics Global Limited’s shares, or what’s left of them!

But wait, there’s more! They’ve also brought in former OKX COO Andy Cheung to oversee this bitcoin treasury initiative. Because, you know, who wouldn’t want a former COO on their team when trying to become the healthcare industry’s bitcoin heavyweight? 💪

Now, let’s talk numbers. Prenetics’ market cap has plummeted from a staggering $1.7 billion at their May 2022 SPAC merger to a mere $104.3 million. That’s a loss of about 94.9% of its value, adjusted for the reverse split. Ouch! 😬

Their bitcoin strategy isn’t just about hoarding coins like a dragon on a pile of gold. No, they’re also looking to generate yield and facilitate cryptocurrency payments across their IM8 Health and CircleDNA platforms. CEO Danny Yeung claims this is all part of the “convergence we’re witnessing between healthcare innovation and blockchain technology.” Sounds fancy, doesn’t it? 🤔

Despite the market chaos, Prenetics reported pro-forma liquidity exceeding $117 million. They’ve even raised their 2025 revenue guidance to a hopeful $80-$100 million, although they haven’t seen a profit since their public debut. Fingers crossed! 🤞

Cheung has emphasized the importance of “dynamic treasury management,” which sounds much more exciting than just letting bitcoin sit in a digital wallet collecting dust. Following this announcement, Prenetics’ shares rose more than 2%. So, there’s that! 📈

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2025-06-18 19:05