Prenetics, a health-sciences company that raised $48 million earlier this year, announced it has stopped purchasing bitcoin. In an official statement, the firm said it halted BTC accumulation on December 4 and will no longer allocate existing or new capital for additional purchases.
Previously, Prenetics announced a bitcoin accumulation strategy aiming to acquire 1 BTC daily as part of a broader goal: achieving $1 billion in combined revenue and bitcoin holdings within five years. The funding round was backed by investors including Kraken and Exodus, with the initiative launched in June.
Reasons for Halting Bitcoin Purchases
- Prolonged weakness in the crypto market made the accumulation strategy less attractive.
- A decision to focus exclusively on developing the IM8 product and reallocating resources accordingly.
- Strong growth of IM8, which exceeded management and board expectations.
The company explained that the sustainable and rapid scaling of IM8 shifted priorities: leadership unanimously decided to concentrate efforts on this area. At the same time, the firm formally confirmed that its existing 510 BTC will remain on the balance sheet as a reserve asset.
History of Prenetics’ Bitcoin Purchases
Prenetics’ BTC accumulation strategy was modeled after the approach popularized by Strategy Inc: raising capital to purchase and hold cryptocurrency on the company’s balance sheet. Under this plan, the firm intended to buy 1 BTC per day, progressing toward a combined target of $1 billion in revenue and corresponding bitcoin reserves within five years.
The funding round, announced by CEO Danny Yeung, included investors from the crypto industry and platforms like Kraken and Exodus. This story fits well into the broader topic of corporate bitcoin ownership — see materials on corporate bitcoin ownership for comparisons of other companies’ approaches.
Current State of Prenetics
Prenetics officially states it will no longer allocate capital to BTC purchases but will retain its 510 coins as a reserve. At the time of the announcement, these 510 BTC remain on the company’s balance sheet as a reserve asset.
Meanwhile, the IM8 product has shown rapid growth: it generates over $100 million in annual recurring revenue (ARR) since its launch 11 months ago. Against this backdrop, Prenetics shares have risen 189% this year, while dynamics for other bitcoin-related companies have differed — for example, risks associated with players like MicroStrategy are being discussed.
Why This Matters
For miners operating 1–1000 devices, changes in Prenetics’ strategy do not directly affect equipment operation or electricity access. The halt in corporate bitcoin purchases is a capital allocation decision, not a technical event for mining.
However, the announcement signals that companies can quickly reallocate resources toward high-revenue business products. This primarily impacts the institutional demand picture for bitcoin rather than day-to-day miner operations.
What to Do?
If you manage a small or medium mining farm, practical steps remain the same: maintain control over costs and liquidity, monitor electricity expenses, and keep reserves for unexpected outages. Consider corporate news as a background factor but do not change operational decisions solely based on the purchase suspension announcement.
- Check current mining profitability and recalculate breakeven points at current rates.
- Maintain cash reserves to cover several weeks of expenses and potential downtime.
- Stay informed about tax and regulatory requirements for mining income in your jurisdiction.
- Follow news on major corporate bitcoin purchases and sales to understand overall demand trends.
If needed, more details on who holds large bitcoin reserves and how can be found in our corporate ownership and strategic purchase materials section.