US EditionPrenetics stops buying bitcoin as crypto treasury trade loses steam
Prenetics will keep its 510 BTC reserve worth nearly $45 million and focus on scaling IM8, which has generated over $100 million in annual recurring revenue, the company said.
- On Dec. 4, Prenetics announced it stopped buying Bitcoin and will not allocate any existing or new capital to further BTC purchases.
- Amid prolonged weakness in the cryptocurrency market, the firm launched a Bitcoin accumulation strategy in June following Michael Saylor's Strategy Inc model, but enthusiasm faded after a sharp October downturn.
- Earlier this year, Prenetics raised $48 million partly to build a Bitcoin vault and announced Oct. 27 financing with Kraken, Exodus , GPTX and American Ventures as IM8 surpassed $100 million in ARR.
- It plans to hold its existing 510 bitcoin as a reserve asset worth nearly $45 million, while Michael Saylor's MSTR fell nearly 48% and bitcoin dipped about 5.6%.
- Board and management decided to focus fully on IM8, deeming it the best path to sustainable value while redirecting funds from the one BTC daily accumulation plan toward scaling IM8 globally.
19 Articles
19 Articles
The crypto market has one less bitcoin treasury company. The health science firm Prenetics, co-founded by former English footballer David Beckham, announced this Tuesday that it will stop buying bitcoin, a strategy it had started earlier this year, in response to the weakness of the cryptocurrency market.
Prenetics Pauses Bitcoin Purchases to Focus on Scaling Its IM8 Nutrition Brand
Prenetics paused Bitcoin purchases to focus on its consumer nutrition brand IM8. The company keeps 510 Bitcoin but redirects funds to scale its core business. Corporate Bitcoin buying slows as market volatility drives cautious investment decisions. Prenetics, the health science company backed by retired soccer star David Beckham, has paused its Bitcoin treasury strategy. The company stopped acquiring Bitcoin on December 4. The decision comes aft…
Bitcoin Strategy Halted: Beckham-Backed Prenetics Quits Buys
Prenetics Global has reversed its plan to build a Bitcoin treasury, effectively ending the strategy less than three months after raising new investments for it. The Nasdaq-listed firm has announced that it will now focus all its efforts on its consumer healthcare business. The decision arrives amid deteriorating crypto markets and the management points to greater opportunities in the near term within its supplements unit. On Tuesday, Prenetics G…
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