A Company's Shift from Bitcoin to Health

Prenetics, a company known for its health and wellness products, has decided to stop buying Bitcoin. They started 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 good amount of cash. 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 doing well, making over $100 million in just 11 months. The company thinks that focusing on this will be more beneficial for now. When Prenetics first started buying Bitcoin, they spent $20 million to get about 187 Bitcoins. At the time, each Bitcoin cost around $106, 712. Now, the price is lower, at $88, 198. This means the company has a loss of about $3. 4 million on its Bitcoin investment.Prenetics shares dropped a bit on Tuesday but are still up a lot for the year. This shows that the market is still interested in the company, even with the Bitcoin news. Other companies are still buying Bitcoin. Strategy, for example, has a lot of Bitcoin and keeps buying more. They believe Bitcoin's price will keep going up. The company's CFO said they think Bitcoin will reach very high prices in the future. Some experts worry about companies jumping into Bitcoin without proper planning. They think it's important to have good safeguards and risk management when dealing with Bitcoin.