Prenetics stops buying bitcoin as crypto treasury trade loses steam

Prenetics, the health sciences company co-founded by David Beckham, announced it has stopped purchasing Bitcoin as of December 4th, reversing its crypto treasury accumulation strategy initiated in June. This decision comes amid prolonged weakness in the cryptocurrency market. The company, which had planned to accumulate 1 BTC daily, stated that the phenomenal success of its IM8 business, which has generated over $100 million in annualized recurring revenue, necessitates devoting undivided attention to this opportunity. Prenetics will retain its existing 510 bitcoin as a reserve asset but will not allocate new capital for further purchases, prioritizing shareholder value creation through IM8's rapid scaling.

(Source：CoinDesk)