Prenetics scraps Bitcoin strategy to focus on Beckham-backed nutrition brand

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Prenetics Global Limited halted its Bitcoin treasury buying program, ending regular purchases announced successful June to refocus connected its user wellness marque co-founded with erstwhile shot subordinate David Beckham.

According to an announcement connected Tuesday, the institution paused its Bitcoin purchases connected Dec. 4 and volition not prosecute further BTC acquisitions, focusing alternatively connected scaling its nutritional marque IM8, which Prenetics said surpassed $100 cardinal successful annualized recurring gross wrong 11 months of launch.

The institution volition support 510 Bitcoin (BTC) connected its equilibrium sheets, on with much than $70 cardinal successful currency and currency equivalents. IM8, a subsidiary of Prenetics, sells an all-in-one regular nutrition supplement marketed arsenic a replacement for aggregate standalone products.

In June, institution launched a Bitcoin reserve strategy, investing $20 cardinal to get astir 187 Bitcoin astatine an mean terms of $106,712 per coin. Bitcoin was trading astatine $88,198 astatine clip of writing, implying an unrealized loss of astir 17%, oregon astir $3.4 cardinal connected the position.

Prenetics' shares fell 3.32% successful Tuesday trading connected Nasdaq, portion inactive up astir 170% connected the year, according to Google Finance data.

Strategy says BTC terms volition support rising implicit time

According to data from BitcoinTreasuries.NET, 192 publically traded companies present clasp Bitcoin connected their equilibrium sheets, collectively accounting for astir 1.1 cardinal BTC.

A ample stock of that full is concentrated successful Strategy, the Michael Saylor-led institution whose pivot successful 2020 laid the blueprint for firm Bitcoin treasury companies. Following Strategy’s latest acquisition connected Monday, the institution holds 672,497 Bitcoin.

Strategy main fiscal serviceman Andrew Kang said Tuesday connected a podcast that the institution continues to bargain and clasp Bitcoin, citing expectations of further upside. He said:

We cognize it's [Bitcoin] going to spell from wherever it is contiguous backmost to 125k, up to 200k, up to a million, and up to 21,000,000 1 day. That each inactive is going to happen. It conscionable is going to hap implicit a play of clip […] And truthful for us, wherefore we support doing it [buying] with that rule successful mind.”

Managing manager of GoMining Institutional, Fakhul Miah, told Cointelegraph successful June that helium feared “copycat” companies that are “trying to make Bitcoin banks without due safeguards oregon hazard management.”

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