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Quick take:
The company stopped accumulating Bitcoin on December 4, with an existing stash of 510 Bitcoins plus cash, according to reports on Tuesday.
Prenetics has now pivoted to a nutrition supplement brand, IM8, after the board unanimously approved the change in strategy.
In October, the company raised $48 million in an oversubscribed equity round earmarked for Bitcoin accumulation.
Prenetics Global, the Nasdaq-listed health sciences company, has abandoned its digital asset treasury strategy to focus on the IM8 supplement brand, according to a press release on Tuesday. “Prenetics has committed to not allocate any existing capital or new capital for the purpose of acquiring additional Bitcoin,” a statement in the announcement read.
Backed by the former English footballer and media personality David Beckham, the company stopped accumulating Bitcoin on December 4, with the decision gaining a unanimous shareholder approval after agreeing it was the “most promising” way to create sustainable shareholder value by devoting to the “once-in-a-generation” brand IM8. Prenetics claims that its IM8 supplements brand has already attained an annual recurring revenue of $100 million, eleven months after launching.
“Operating from a position of strength, we are making disciplined strategic decisions that reflect our experience as operators and our commitment to maximizing long-term shareholder value,” said CEO Danny Yeung.
The announcement comes barely five months after Prenetics Global launched its “1 BTC per day” digital asset treasury strategy on August 1, aiming to build a $1 billion Bitcoin portfolio over the next five years.
The company ditcihed its Bitcoin accumulation strategy barely two months after raising $48 million in October. The oversubscribed equity offering was meant to go towards Bitcoin purchases.
By the time the company ended its BTC strategy, Prenetics had 510 BTC (worth about $45 million at the time of writing), plus $70 million in cash and cash equivalents, the company wrote.
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