Prenetics Halts Bitcoin Purchases Amid Market Weakness
- Prenetics raised $48 million to build a bitcoin treasury earlier this year.
- The company started its bitcoin accumulation strategy in June, aiming for $1 billion in revenue and bitcoin within five years.
- As of December, Prenetics ceased purchasing bitcoin to focus on its IM8 business, which has generated over $100 million in annualized recurring revenue (ARR).
- Prenetics currently holds a reserve of 510 bitcoins, valued at nearly $45 million.
- The company’s shares have risen by approximately 189% this year, contrasting with a nearly 5.6% decline in bitcoin prices.
Prenetics’ decision to halt bitcoin purchases reflects a strategic shift towards prioritizing its successful IM8 business model over cryptocurrency investments amid market challenges.
With the firm now focusing exclusively on IM8, it aims to sustain growth and shareholder value without further investment in bitcoin assets. Prenetics holds an existing reserve of bitcoins worth nearly $45 million as of December.
