Prenetics Global Limited has made a significant move in the application of cryptocurrencies within healthcare by establishing a crypto treasury.
Announcement of Bitcoin Purchase
Prenetics purchased 187.42 BTC for $20 million via a Kraken account, with each bitcoin acquired at an average price of $106,712. This decision reflects the increasing trend of utilizing cryptocurrency assets in corporate treasuries.
Prenetics' Strategy and Goals
The company's board approved the allocation of a significant portion of its balance sheet worth $117 million to implement new financial strategies, including yield-generating products and structured lending. According to CEO Danny Yeung, they aim to create the largest crypto treasury in the medical field.
Global Trend of Corporate Crypto Reserves
There is a growing trend among companies to accumulate cryptocurrency reserves. Over 80 non-crypto firms manage around 3.4% of all circulating bitcoins, including companies like GameStop and Standard Chartered that seek to integrate cryptocurrency into their financial strategies.
Prenetics' actions demonstrate how the healthcare sector is beginning to adopt cryptocurrency technologies, and corporate investments in crypto assets continue to rise globally.
