in the cryptocurrency market. The company first started buying bitcoin in June earlier this year with a plan to accumulate one bitcoin every day. This plan was part of a strategy to grow the company and its digital assets at the same time. At the time the plan attracted attention as crypto prices were rising but the market fell sharply in October which slowed interest in buying more bitcoin.
The company will now focus on its IM8 business which has grown very quickly. Since it launched eleven months ago IM8 has generated over one hundred million dollars in annualized recurring revenue. Prenetics says this business has performed better than expected and the management team believes it offers a clear path to creating strong and lasting value for shareholders. Because of this the company will devote its resources and attention fully to growing IM8 rather than buying more bitcoin.
Prenetics will keep the five hundred ten bitcoin it already owns. These bitcoins are valued at nearly forty five million dollars. The company sees them as a reserve asset and does not plan to use them for further purchases at this time. The decision to pause bitcoin purchases allows Prenetics to focus on a business that is already showing strong results.
The move also reflects the changing mood in the crypto market. While some companies continue to buy and hold bitcoin others are choosing to slow down and focus on core operations. Prenetics says that putting all effort into IM8 is the best way to create long term value.
Prenetics is co founded and backed by English football star David Beckham. The company has grown its shares significantly this year. Investors have been encouraged by the strong performance of IM8 and the decision to hold existing bitcoin without taking on additional risk. The management believes that focusing on a business that produces steady revenue is safer than continuing to buy bitcoin during a market downturn.
This strategy shows how companies can adapt to changing markets. By keeping their existing digital assets and investing in successful business operations Prenetics hopes to balance growth with stability. The company remains committed to both its technology and its business goals while adjusting its plans for digital currency.
Overall Prenetics is pausing its bitcoin purchases to focus on the growth of its IM8 business. It will continue to hold its current bitcoin as a reserve asset while putting all energy into expanding a business that is already profitable and growing rapidly. The company sees this as the best way to create value for its shareholders over the coming years.
