Prenetics, Supported by Beckham, Abandons Bitcoin Holding Plan, Shifts Focus to Health Brand IM8

Prenetics Global, a nutrition supplement company supported by David Beckham, announced that it will no longer pursue its Bitcoin holding strategy, just under three months after financing for its crypto asset treasury plan.

Prenetics stated that the company will refocus its strategic focus on its consumer health brand IM8, which it claims is the "fastest-growing supplement brand in industry history." The company explicitly stated in its latest announcement that it will no longer make additional purchases of Bitcoin (BTC).

Previously in October, Prenetics completed a $48 million oversubscribed equity financing on NASDAQ, with funds originally intended for advancing its Bitcoin treasury strategy and expanding the IM8 business. Participating investors at the time included Kraken, Exodus, GPTX under Wu Jihan, DL Holdings, and American Ventures, among others.

As of now, Prenetics has disclosed that it still holds 510 BTC, along with over $70 million in cash and cash equivalents. CEO and co-founder Danny Yeung stated that the board and management unanimously believe that focusing resources on seizing IM8's growth opportunities is the best path to achieve long-term, sustainable shareholder value.

The Block pointed out that in the recent backdrop of a crypto market correction, some "crypto asset treasury companies" are adjusting their strategies, including slowing down or terminating their holdings of digital assets, and instead repurchasing stocks or venturing into other business directions. (The Block)

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