Biotechnology company Prenetics recently announced the cancellation of its Bitcoin reserve plan, a signal that warrants serious market reflection.

Looking at the stock price trend, investor reactions after the announcement were quite lukewarm. Although short-term fluctuations are influenced by multiple factors, the market’s genuine concern is clear: the initial high-profile deployment of crypto assets was to combat inflationary pressures. Now that they suddenly backtrack, is it due to tight cash flow or strategic adjustment? This move by management inevitably raises speculation that confidence in holding the coin might be much weaker than expected.

From the perspective of the entire industry, the impact of this event is even more noteworthy:

First, publicly listed companies’ attitudes toward Bitcoin allocation are clearly becoming more cautious. The lesson from Prenetics is now evident—stock price volatility, regulatory environment changes, and cash flow pressures are not just theoretical issues. Especially for companies with traditional industry backgrounds, they might choose to stay on the sidelines and observe rather than rush to replicate others’ allocation strategies.

Second, the market is beginning to reassess what constitutes a "genuine Bitcoin deployment." The era of riding the hype and purely conceptual speculation is over. Investors now pay more attention to whether companies have a well-thought-out cryptocurrency strategy and whether they have enough ammunition for long-term holding. Conversely, companies that have made substantial Bitcoin investments, like MicroStrategy, are gaining increasing market recognition.

In simple terms, Prenetics’ decision is a short-term negative signal, but in the long run, the market is establishing higher entry barriers—not all companies should participate in Bitcoin asset allocation, and blindly following the trend could backfire.