Prenetics (PRE) Global announced a strategic realignment to fully capitalize on the rapid growth of its consumer health brand, IM8. Prenetics ceased its daily Bitcoin (BTC-USD) purchasing activity as of December 4, and following approval by its Board of Directors, Prenetics announced that it will no longer pursue future acquisitions of Bitcoin. This decision allows Prenetics to dedicate its resources and attention exclusively to the significant market opportunity presented by IM8. The Company retains a robust financial position, with a strong balance sheet that includes over $70M in cash and cash equivalents, 510 BTC and zero debt. Following Board approval, Prenetics will maintain its existing Bitcoin holdings of 510 BTC as a treasury reserve asset. Prenetics has committed to not allocate any existing capital or new capital for the purpose of acquiring additional Bitcoin. Capital allocation will be directed exclusively toward the growth, operations, and strategic expansion of IM8, including product innovation, brand building, talent acquisition, working capital, and international expansion.
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