A Company's Shift from Bitcoin to Health
Company Pauses Bitcoin Buying Spree
Prenetics, a company recognized for its health and wellness products, has decided to stop buying Bitcoin. They initiated this Bitcoin buying spree in June but have now put a pause on it. The company has kept 510 Bitcoins in its accounts, along with a substantial amount of cash.
Shift in Focus to Health Brand IM8
Prenetics is now focusing more on its health brand, IM8. This brand sells a daily supplement that combines many nutrients into one. IM8 has been performing well, making over $100 million in just 11 months. The company believes that concentrating on this will be more beneficial for now.
Bitcoin Investment Losses
When Prenetics first started buying Bitcoin, they spent $20 million to acquire approximately 187 Bitcoins. At the time, each Bitcoin cost around $106,712. Now, the price is lower, at $88,198. This means the company has incurred a loss of about $3.4 million on its Bitcoin investment.
Market Reaction
Prenetics shares dropped slightly on Tuesday but are still up significantly for the year. This indicates that the market remains interested in the company, despite the Bitcoin news.
Other Companies Continue Bitcoin Purchases
Other companies are still buying Bitcoin. Strategy, for example, holds a large amount of Bitcoin and continues to buy more. They believe Bitcoin's price will keep rising. The company's CFO stated they think Bitcoin will reach very high prices in the future.
Expert Warnings
Some experts are concerned about companies jumping into Bitcoin without adequate planning. They emphasize the importance of having robust safeguards and risk management when dealing with Bitcoin.
