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Prenetics Global has abandoned plans to continue building a bitcoin treasury, reversing course within months.
The Nasdaq-listed health supplements company said it will halt any future bitcoin acquisitions.
The move follows an equity raise completed less than three months earlier.
Prenetics raised $48 million to support both crypto accumulation and business expansion.
At the time, management said bitcoin would form part of its treasury strategy.
The funding round was described as oversubscribed by the company.
Backers included crypto-native firms, traditional investors, and footballer David Beckham.
Prenetics now says its strategic priorities have materially changed.
The company plans to reallocate resources toward its IM8 supplements brand.
IM8 is described by Prenetics as the fastest-growing brand in its category.
Management said the refocus aims to deliver stronger long-term shareholder value.
The board concluded operating execution outweighs balance-sheet crypto exposure.
Our Board and management team unanimously agreed that the most promising path to creating significant, sustainable shareholder value is to devote our undivided attention to this once-in-a-generation opportunity clearly visible in IM8.
Danny Yeung said.
The decision suggests concern over managing a volatile crypto treasury alongside operations.
Market conditions have shifted since Prenetics outlined its bitcoin strategy.
Bitcoin traded near $114,000 at the time of the October announcement.
Prices later fell to around $88,000 amid broader market weakness.
Prenetics said it still holds 510 bitcoin on its balance sheet.
The company also reported more than $70 million in cash holdings.
It did not confirm whether existing bitcoin holdings will be sold.
At the time of reporting, Bitcoin price was $88,425.56.