Prenetics Global Limited has ceased its Bitcoin treasury buying initiative, putting an end to daily acquisitions that were announced in June as it shifts focus back to its consumer health brand, co-founded by former football star David Beckham.
As stated in an announcement made on Tuesday, the firm halted its Bitcoin purchases on December 4 and will not seek further BTC acquisitions, instead concentrating on expanding its nutritional brand, IM8, which Prenetics noted exceeded $100 million in annualized recurring revenue within just 11 months of its launch.
The company plans to retain 510 Bitcoin (BTC) on its balance sheets, complemented by over $70 million in cash and cash equivalents. IM8, a subsidiary of Prenetics, offers an all-in-one daily nutritional supplement designed to replace multiple standalone products.
In June, the company introduced a Bitcoin reserve strategy, investing $20 million to acquire approximately 187 Bitcoin at an average cost of $106,712 per coin. At the time of this writing, Bitcoin was valued at $88,198, indicating an unrealized loss of around 17%, equating to roughly $3.4 million on the investment.
Prenetics’ stock declined 3.32% during Tuesday’s trading session on Nasdaq, though it remains up nearly 170% for the year, as per Google Finance data.
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Strategy predicts BTC price will rise over time
According to data from BitcoinTreasuries.NET, there are now 192 publicly traded companies holding Bitcoin in their balance sheets, totaling nearly 1.1 million BTC.
A significant portion of that total is held by Strategy, the company led by Michael Saylor, which set the standard for corporate Bitcoin treasury models with its pivot in 2020. Following its most recent purchase on Monday, the firm possesses 672,497 Bitcoin.
Andrew Kang, Strategy’s chief financial officer, commented on a podcast Tuesday that the company continues to acquire and hold Bitcoin, anticipating further price increases. He stated:
We foresee Bitcoin going from its current price back to 125k, then up to 200k, eventually reaching a million, and ultimately hitting 21,000,000 one day. All of this will occur; it may just take time […] Therefore, we remain committed to purchasing with that principle in mind.”
Fakhul Miah, managing director of GoMining Institutional, expressed concerns in June about “copycat” companies trying to establish Bitcoin banks without adequate safeguards or risk management.
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