Prenetics scraps Bitcoin strategy to focus on Beckham-backed nutrition brand
The company will keep its Bitcoin holdings but stopped accumulating BTC as it shifts capital toward scaling its consumer health brand.
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 (BTC) 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.
