Prenetics, a health sciences company backed by former football star David Beckham, has stopped buying bitcoin. The company says it will now focus fully on growing its wellness and nutrition brand, IM8.

This decision comes only six months after Prenetics made headlines for adding bitcoin to its balance sheet. The company confirmed that it stopped purchasing bitcoin on December 4 after a review by its board of directors.

Prenetics made it clear that it will not use any new or existing money to buy more bitcoin in the future. However, it will keep the bitcoin it already owns.

Prenetics currently holds 510 bitcoin. At recent prices, those holdings are worth about $45 million. According to BitcoinTreasuries, Prenetics currently ranks 70th among bitcoin holding companies. The company says it plans to keep this bitcoin as a reserve asset and has no plans to sell it, even though it is no longer adding to its position.

The main reason for the shift seems to be the strong performance of IM8, a consumer health and nutrition brand co-founded by Beckham. IM8 sells an all-in-one daily supplement designed to simplify health routines.

Since launching 11 months ago, the brand has generated more than $100 million in annualized recurring revenue. “The phenomenal success of IM8 has exceeded all expectations and scaled much faster than we originally anticipated,” said Prenetics CEO and co-founder Danny Yeung.

He added, “Our board and management team unanimously agreed that the most promising path to creating significant, sustainable shareholder value is to devote our undivided attention to this opportunity clearly visible in IM8.”

Prenetics first announced its bitcoin strategy in June, when bitcoin prices were rising. At the time, several public companies were raising money to buy and hold bitcoin as a treasury asset.

Prenetics followed a model popularized by Michael Saylor’s Strategy Inc., buying bitcoin regularly and promoting it as a long-term and “unprecedented commitment” strategy. Back then, company leadership spoke positively about what he called the “convergence” between healthcare and blockchain technology.

Yeung described it as “the dawn of a new era” and suggested bitcoin would play a key role in Prenetics’ future. The company even added a digital asset industry veteran to its board of directors.

Since then, market conditions have changed. Bitcoin prices fell sharply in October, and overall sentiment toward it weakened. As prices dropped, many companies that had adopted bitcoin treasury strategies began to reconsider their approach.

Prenetics said its decision to stop buying bitcoin reflects caution and discipline rather than fear. “We are making disciplined strategic decisions that reflect our experience as operators and our commitment to maximizing long-term shareholder value,” Yeung said, emphasizing the company’s focus on long-term shareholder value.

The company also pointed to its strong financial position. Prenetics says it has more than $70 million in cash and cash equivalents and no debt. This gives it the flexibility to invest in IM8’s growth without needing outside funding.

Going forward, all capital will be directed toward IM8. That includes spending on product development, marketing, hiring, working capital, and international expansion. Prenetics says this sharper focus will help the brand grow faster and more efficiently.