Prenetics Halts Bitcoin Treasury Buys, Keeps 510 BTC
Prenetics paused its Bitcoin buying program to focus on scaling its Beckham-backed nutrition brand, IM8.Summary
Prenetics Global Limited announced on Tuesday that it has halted its Bitcoin treasury buying program, which started in June, to redirect focus toward scaling its consumer health brand, IM8, co-founded with David Beckham. The company will retain its existing holding of 510 Bitcoin (BTC) and over $70 million in cash. IM8, which sells a daily nutrition supplement, recently surpassed $100 million in annualized recurring revenue within 11 months of launch. When Prenetics initiated its Bitcoin strategy in June, it invested $20 million to acquire approximately 187 BTC at an average price of $106,712 per coin, implying an unrealized loss of about 17% based on the current trading price. Despite the pause, Prenetics' shares were up nearly 170% year-to-date on Nasdaq.
(Source：Cointelegraph)