Prenetics Halts Bitcoin Acquisitions to Focus on Nutrition Brand

Prenetics Stops Bitcoin Purchase Program

Prenetics Global Limited has halted its Bitcoin acquisition program, ceasing the daily purchases announced in June to refocus on its consumer health brand, co-founded with former football star David Beckham. In a recent announcement, the company revealed that it stopped Bitcoin purchases on December 4 and will not seek to acquire additional BTC, instead prioritizing the development of its nutrition brand IM8, which Prenetics claims has surpassed $100 million in annual recurring revenue within 11 months of its launch.

Prenetics will retain 510 Bitcoin (BTC) on its balance sheet, along with over $70 million in cash and cash equivalents. IM8, a subsidiary of Prenetics, markets an integrated daily nutrition supplement, touted as a replacement for multiple individual products. In June, the company launched a Bitcoin reserve strategy, investing $20 million to acquire approximately 187 Bitcoin at an average price of $106,712 per coin. At the time of writing this article, Bitcoin was trading at $88,198, indicating an unrealized loss of around 17%, equating to approximately $3.4 million on this position.

Consequently, Prenetics' stock fell by 3.32% in Tuesday's trading on Nasdaq, although it has surged nearly 170% over the course of the year, according to Google Finance data.