Prenetics Global Limited has ended its Bitcoin treasury buying program to focus on its consumer health brand IM8. The company paused Bitcoin purchases on Dec. 4 after acquiring about 187 BTC at an average price of $106,712 per coin. IM8 has surpassed $100 million in annualized recurring revenue within 11 months.
Prenetics will keep 510 BTC on its balance sheets, along with over $70 million in cash and cash equivalents. Despite an unrealized loss of about 17%, the company remains optimistic about its direction. Prenetics’ shares fell 3.32% on Nasdaq but are up nearly 170% for the year.
Strategy, led by Michael Saylor, holds the largest share of Bitcoin among publicly traded companies, with 672,497 BTC. Chief financial officer Andrew Kang believes in Bitcoin’s long-term potential, expecting prices to rise significantly. Concerns have been raised about other companies following Strategy’s lead without proper risk management.
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Bitcoin hits new all-time high of $60,000 as investors remain optimistic about the digital currency’s future. The cryptocurrency has surged over 100% in 2021, with a market capitalization exceeding $1 trillion for the first time. Experts predict continued growth as institutional adoption increases.
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Major investment firms like BlackRock and Morgan Stanley show growing interest in Bitcoin and other cryptocurrencies. BlackRock CEO Larry Fink acknowledges the growing demand for digital assets among his clients, while Morgan Stanley announces plans to offer Bitcoin exposure to its wealthy clients through three funds.
Cryptocurrency exchange Coinbase files for a direct listing on the Nasdaq, a move that could value the company at over $100 billion. The filing reveals that Coinbase generated $1.1 billion in revenue in 2020, with a net income of $322 million. The listing is seen as a milestone for the crypto industry.: Prenetics Halts Bitcoin Treasury Buys, Keeps 510 BTC