Prenetics, Backed by David Beckham, Halts Bitcoin Purchases to Focus on IM8

Summary: Prenetics Global Ltd., supported by David Beckham, has decided to cease its Bitcoin purchases to concentrate on its supplement brand IM8. The company will maintain its existing Bitcoin reserves and has garnered significant attention in the cryptocurrency space.

Key Takeaways

Prenetics has acquired 100 Bitcoin but will no longer make further purchases.
The company currently holds 510 BTC as reserve assets.
Prenetics raised $44 million in an equity offering to support its Bitcoin strategy.
Notable investors include Kraken, Exodus, and tennis star Aryna Sabalenka.
The firm aims to emphasize its health innovation and digital asset management strategies.

David Beckham-backed Prenetics ceases Bitcoin purchases to focus on IM8 - 1

Prenetics Changes Strategy on Bitcoin Acquisition

In October, Prenetics Global Ltd. made headlines by purchasing 100 Bitcoin at an average price of $109,594 each, marking a pivotal moment in their Bitcoin treasury management strategy. However, just two months later, the health-sciences company backed by David Beckham has decided to alter its approach.

In a press release issued on Tuesday, Prenetics announced that it would halt further Bitcoin purchases. The company will continue to hold its current Bitcoin assets, amounting to 510 BTC, as part of its treasury reserve.

The acquisition in October was part of a broader strategy involving the deployment of proceeds from a successful $44 million equity fundraiser, which attracted significant investments from notable players such as Kraken, Exodus, GPTX, XtalPi, DL Holdings, and tennis star Aryna Sabalenka.

At the time of the purchase, CEO Danny Yeung emphasized that Prenetics was operating debt-free and that acquiring Bitcoin fit into the company’s “dual-engine strategy,” which combines health innovation with digital asset management.

Before this recent change in strategy, Prenetics, renowned for its supplement brand IM8, was acquiring an average of one Bitcoin daily, complemented by larger strategic purchases when market conditions were favorable.

It’s worth noting that the Beckham firm became a strategic investor in Prenetics in July 2024, further solidifying its presence in the health and wellness sector while balancing innovation with investments in cryptocurrency.