A company backed by football star David Beckham has unexpectedly abandoned plans to expand its Bitcoin holdings, despite having recently successfully raised tens of millions of dollars to build a digital asset reserve. This move quickly attracted the attention of investors, especially as the wave of listed companies that had previously rushed to include Bitcoin on their balance sheets is showing signs of slowing down.
Specifically, on December 31st, Prenetics Global – a company operating in the health and wellness sector and currently listed on Nasdaq – confirmed that it had completely canceled its plan to accumulate and stockpile Bitcoin. This decision came less than three months after the company completed a Capital round worth approximately $48 million and publicly announced its strategy to build a “crypto asset vault” as part of its long-term vision.
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According to its latest announcement, Prenetics stated that it will refocus its strategic resources on its core business, IM8, a nutritional supplement brand that the company describes as one of the fastest-growing in the industry's history. Management emphasized that the company will not pursue any future Bitcoin acquisitions, instead prioritizing market expansion and deeper investment in the consumer health and wellness ecosystem.
Previously, in October, Prenetics completed an over-subscription share offering, planning to use the Capital to accelerate the formation of a Bitcoin reserve alongside the expansion of the IM8 brand. At that time, Bitcoin was trading at very high historical levels, but the cryptocurrency market subsequently witnessed sharp corrections, leading to more cautious investor sentiment. This Capital round brought together many notable names such as David Beckham, the Kraken exchange, the Exodus wallet, GPTX owned by Jihan Wu, and several investment funds and financial companies in the US.
