David Beckham-backed Prenetics abandons Bitcoin strategy to focus on core health business
Prinitics has halted new Bitcoin purchases after recent crypto market volatility. The company is prioritizing brand development for IM8 supplements. Prenetics currently holds 510 BTC and more than $70 million in cash reserves.
Prenetics Global, the consumer health and supplement company backed by football icon David Beckham, has scrapped its short-term plan to build a Bitcoin treasury, opting instead to focus on expanding its flagship nutrition brand IM8 in the capital.
In a statement on Tuesday, the Nasdaq-listed firm confirmed it will no longer pursue further purchases of Bitcoin, signaling a move away from the digital asset amid fluctuating market conditions.
The company's management stated that the redirection of resources is aimed at accelerating growth in IM8.
Notably, the decision comes less than three months after the company secured $48 million in new equity financing raised as a strategic objective for cryptocurrency stocks.
A strategic pillar after the volatility of the crypto market
When Prenetics announced the equity raise in October, Bitcoin was trading near historic highs, hovering above $110,000.
Since then, prices have fallen sharply, reflecting broader uncertainty in digital asset markets as a result of tightening financial conditions, regulatory uncertainty and a decline in institutional risk appetite.
Earlier this week, Bitcoin fell to the high-$80,000 range, highlighting the challenges companies face when managing crypto-heavyweights' balance sheets.
Although the fundraising round was intended to support both Bitcoin stock and consumer brand expansion, Prenetics' leadership now sees the health and wellness business as a clear path to long-term value creation.
CEO and co-founder Danny Yeung said the board unanimously agreed that focusing on IM8 represents an extraordinary growth opportunity that outweighs the benefits of continued crypto exposure.
However, the company plans to hold on to its crypto assets even as it halts new purchases.
Prenetics said it still holds approximately 510 Bitcoins and more than $70 million in cash and cash equivalents, which provides flexibility when evaluating capital allocation priorities.
Crypto treasuries are part of a broader corporate review
Prenetics' activity reflects a growing trend among publicly listed companies that have tried cryptocurrency treasury strategies during peak market cycles.
As crypto prices pull back, many companies are scaling back or abandoning aggressive fundraising plans in favor of more predictable uses of capital.
Earlier this month, Ethereum-focused treasury firm ETHZilla, backed by prominent tech investors like Peter Thiel, moved away from holding Ethereum to real-world asset tokenization initiatives.
Other companies across sectors have similarly turned to buybacks, debt reductions or divestments as safe ways to support shareholder value in uncertain market conditions.
Investors in Prenetics' October funding round included major crypto industry names such as Kraken, Exodus and GPTX, along with traditional investment firms.
While their involvement shows confidence in the company's innovation strategy, Prenetics' latest announcement shows a more cautious and pragmatic stance on digital assets.
