Prenetics, a US-based healthcare firm backed by football star David Beckham, is the newest corporate Bitcoin holder with a $20 million investment. This announcement caused its stock price to soar.
With this investment, Prenetics becomes the first publicly listed healthcare firm to invest in BTC. The company is mainly headquartered in Hong Kong and has multiple subsidiaries worldwide.
Prenetics Follows MicroStrategy With Bitcoin Bet
Over the last few weeks, a large number of corporations have been buying and holding Bitcoin, and the trend is growing. Sixty firms have already joined the global phenomenon, potentially creating a huge market impact.
Prenetics is the newest company to join in, purchasing $20 million in Bitcoin at an average price of $106,712.
“What excites me most is not just Bitcoin as a treasury asset, but the convergence we’re witnessing between healthcare innovation and blockchain technology. 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,” claimed CEO Danny Yeung.
This is a high price for Prenetics to first buy into Bitcoin, but it’s been quite a profitable investment recently. Additionally, several companies have exhibited major stock price gains after becoming BTC holders.
Prenetics is no exception; its formal entry into the Web3 sector has already generated a 23% rally for company shares.
Additionally, it doesn’t seem like this Bitcoin acquisition is a limited experiment. The company recently appointed Andy Cheung, former COO at OKEx, to its Board of Directors.
Cheung has been in the space for over a decade, and his appointment symbolizes a long-term commitment.
Prenetics is the first healthcare firm to acquire Bitcoin, but it doesn’t plan to rest on these laurels.
The firm also employed two other crypto advisors to build this strategy, Token2049 founder Raphael Strauch and Tracy Hoyos Lopez, Chief of Staff for Strategic Initiatives at Kraken. Together, they have ambitious plans for Web3 growth:
“We now have the financial foundation to pioneer innovative treasury management approaches, including our historic Bitcoin treasury strategy. But this is just the beginning – we have the capital partnerships and conviction to build one of the most significant Bitcoin treasuries in healthcare,” Yeung added.
Additionally, although David Beckham is largely invested in Prenetics, he doesn’t seem personally involved in this Bitcoin plan. Still, the Football industry has been involved in crypto for years, and a famous French team began its own reserve last month.
Beckham’s association with the brand could help further encourage top-level sports professionals to invest in this industry.
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