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Health Sciences company Prenetics Global Ltd. (NASDAQ:PRE) has said it is abandoning its Bitcoin treasury strategy.

The David Beckham-backed company on Dec. 30 said it would no longer acquire Bitcoin and would instead focus on its supplement brand IM8. It cited the rapid growth of IM8, which it said had reached $100 million in annualized recurring revenue in just 11 months.

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“The phenomenal success of IM8 has exceeded all expectations and scaled much faster than our original expectations,” Prenectics CEO Danny Yeung said in a statement. “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 once-in-a-generation opportunity clearly visible in IM8.”

Prenetics launched its Bitcoin treasury strategy in June, announcing the purchase of $20 million worth of BTC and the appointment of former OKX operating chief Andy Cheung to its board.

“We’re at the dawn of a new era where genomics, personalized medicine, and digital assets will intersect in ways that could revolutionize how we approach human health, longevity and wealth,” Yeung said at the time. “To execute this vision at scale, we need substantial Bitcoin holdings – which is why we’re building one of the most significant Bitcoin treasuries in healthcare.”

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Prenetics at the time also said it would eventually accept cryptocurrency payments on its customer-facing platforms, such as IM8 Health.

Prenetics did not immediately respond to a request for comment from Benzinga.

Meanwhile, Prenetics in October said it had raised $48 million from investors, including cryptocurrency exchange Kraken and wallet provider Exodus (NYSE:EXOD), in part to support its Bitcoin treasury strategy. At the time, it said it intended to reach $1 billion in annualized revenue and $1 billion in Bitcoin holdings.

Prenetics said it held $70 million in cash and 510 BTC worth nearly $46 million as of Dec. 30.

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Prenetics’ decision to abandon its Bitcoin strategy coincides with months-long weakness in the cryptocurrency market. Bitcoin in October fell as much as 36% from a record price of $126,000 to a low of $80,600 and has since failed to recover significantly above the lows.