Prenetics stops buying bitcoin as crypto treasury trade loses steam
Prenetics (PRE), a health-sciences company that raised $48 million earlier this year, partially to build a bitcoin treasury, said it decided to stop purchasing BTC amid prolonged weakness in the cryptocurrency market.
The company rolled out its bitcoin accumulation strategy in June, following a model championed by Michael Saylor’s Strategy Inc, in which firms raise capital to buy and hold crypto on their balance sheets. The business model gained traction earlier this year as crypto prices rose, but enthusiasm faded after the steep market downturn in October.
On Oct. 27, Prenetics CEO and co/founder Danny Yeung announced the funding round, which included investors such as Kraken, Exodus (EXOD), GPTX and American Ventures. He said the…
