Prenetics Global Limited halted its Bitcoin treasury buying program, ending daily purchases announced in June to refocus on its consumer health brand co-founded with former football player David Beckham.
According to an announcement on Tuesday, the company paused its Bitcoin purchases on Dec. 4 and will not pursue additional BTC acquisitions, focusing instead on scaling its nutritional brand IM8, which Prenetics said surpassed $100 million in annualized recurring revenue within 11 months of launch.
The company will keep 510 Bitcoin on its balance sheets, along with more than $70 million in cash and cash equivalents. IM8, a subsidiary of Prenetics, sells an all-in-one daily nutrition supplement marketed as a replacement for multiple standalone products.
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