Foresight News , Prenetics Global, the health technology company backed by David Beckham, has announced it will discontinue its Bitcoin accumulation strategy and will no longer purchase new Bitcoin (BTC). This move comes less than three months after it raised funds for its cryptocurrency treasury program. Prenetics stated that it will refocus its strategic efforts on its consumer health brand, IM8. As of now, Prenetics discloses it still holds 510 BTC and has over $70 million in cash and cash equivalents.
In October, Prenetics completed an oversubscribed $48 million equity financing round on Nasdaq, with the funds originally planned to be used to advance its Bitcoin Treasury strategy and expand its IM8 business. Investors at the time included Kraken and Exodus.
