Prenetics Global Invests $20 Million in Bitcoin for Strategic Growth
Prenetics Global Limited invests $20M in Bitcoin, boosting its pro-forma cash and assets to $117M, marking a strategic move in digital currency.
Prenetics Global Limited (NASDAQ: PRE) made headlines on Wednesday with a significant announcement regarding its investment strategy. The company has successfully completed a $20 million purchase of Bitcoin (CRYPTO: BTC/USD), acquiring 187.42 BTC at an average price of $106,712 per Bitcoin. This purchase was facilitated through a Kraken custody account, showcasing Prenetics' strategic move into the digital currency market.
This investment follows recent divestitures that have bolstered Prenetics' financial standing. The company's pro-forma cash now stands at an impressive $66 million, with combined pro-forma cash, Bitcoin, and other short-term assets reaching approximately $117 million. These figures highlight the company's robust financial health and its readiness to embrace innovative investment strategies.
The Board of Directors at Prenetics has approved a comprehensive long-term Bitcoin strategy. This strategic decision involves allocating a significant portion of the company's balance sheet to Bitcoin, reflecting a strong belief in the potential of digital currencies. Furthermore, the strategy includes implementing an alpha-generating approach and engaging in institutional discussions to explore further Bitcoin acquisitions.
The move to invest heavily in Bitcoin aligns with Prenetics' vision to leverage digital assets for strategic growth. By diversifying its asset portfolio, Prenetics aims to enhance its financial resilience and capitalize on the growing adoption of cryptocurrencies.
For more detailed insights on Prenetics' strategic investment in Bitcoin and its future plans, the full story is available on Benzinga.com.