Prenetics joins Bitcoin arms race with $20m buy and bold new board

In a move straight from the Strategy playbook, Prenetics has become the first health sciences firm to execute an aggressive Bitcoin treasury strategy, securing $20 million worth of BTC and appointing crypto veteran Andy Cheung to its board.

According to a press release on June 18, Nasdaq-listed health sciences firm Prenetics Global has bought $20 million worth of Bitcoin (BTC), at an average price of $106,712 per token via Kraken. The move positions the company as the latest to join the corporate Bitcoin accumulation race started by Michael Saylor’s Strategy in August 2020.

The Tysons Corner, Virginia-based firm pivoted to BTC with an initial purchase of $250 million and has accumulated over $60 billion worth of the original cryptocurrency in the last five years, proving that corporate treasuries can thrive under a Bitcoin standard.

Bitcoin meets biotech: a new vision for healthcare and finance

Now, Prenetics is betting that healthcare, a sector traditionally cautious with capital allocation, can follow suit. With a $117 million war chest, zero debt, institutional financing partnerships, and a board now stacked with crypto heavyweights, the company isn’t just mimicking Strategy’s approach, it’s adapting it to an industry where digital assets remain uncharted territory.

“We’re at the dawn of a new era where genomics, personalized medicine, and digital assets will intersect in ways that could revolutionize how we approach human health, longevity and wealth. To execute this vision at scale, we need substantial Bitcoin holdings – which is why we’re building one of the most significant Bitcoin treasuries in healthcare,” Danny Yeung, CEO of Prenetics, said.

Alongside the Bitcoin purchase, the company made a strategic power move by appointing Andy Cheung, former COO of OKX, to its board. Cheung brings over a decade of experience at the highest levels of the crypto exchange world, having overseen billions in daily trading volume and architected complex trading infrastructure.

Now the CEO of both OEX and PredicXion, Cheung’s insight into institutional-grade crypto strategies, from derivatives trading to yield optimization, embodies the kind of expertise Prenetics needs to transform its Bitcoin holdings from a static reserve into an active treasury engine.

But he’s not alone. Prenetics has also enlisted Tracy Hoyos Lopez, the Kraken executive who orchestrated Donald Trump’s pro-Bitcoin pivot, and Raphael Strauch, founder of TOKEN2049, the world’s largest crypto conference. Together, they form a crypto advisory team that blends regulatory savvy, institutional connections, and hardcore trading expertise.

Meanwhile, Prenetics’ Bitcoin strategy extends beyond the initial purchase. The company said it has secured board approval to allocate a majority of its balance sheet to BTC and deploy alpha-generating strategies, including yield farming and structured products. It also plans to begin accepting Bitcoin payments across its health platforms by year’s end.