David Beckham-Backed Healthcare Firm Ditches Bitcoin: A Strategic Pivot or a Missed Opportunity?
In a move that's raising eyebrows across both crypto and traditional finance circles, a major healthcare company with the backing of football icon David Beckham has abruptly halted its Bitcoin acquisition program. The decision lands as digital assets continue their volatile dance on the global stage.
The Strategy Shift
Gone is the aggressive treasury allocation strategy that once saw the firm funnel capital into the flagship cryptocurrency. Instead, leadership is signaling a full retreat, reallocating those resources back into core operational expenditures and more traditional, yield-generating assets. The pivot suggests a boardroom cooled on crypto's short-term utility as a corporate treasury asset.
Market Ripples and Sentiment
While a single company's exit won't move Bitcoin's trillion-dollar market cap, the symbolism stings. It feeds a narrative of institutional hesitation—a stark contrast to the bullish forecasts of Wall Street's crypto converts. The timing feels particularly pointed, a classic case of corporate finance playing it safe while the digital frontier beckons, another example of traditional capital waiting for a permission slip that may never come.
Looking Beyond the Headline
This isn't necessarily a verdict on Bitcoin's long-term value. It's a risk management decision, likely driven by quarterly reporting pressures and regulatory gray areas rather than a fundamental critique of the technology. For every firm that steps back, another is quietly building infrastructure. The cycle continues, proving that in high finance, conviction often falters at the first sign of a compliance headache or a dip in the share price.
Prenetics ‘1 BTC Per Day’ Strategy Stalls
Prenetics started its “1 BTC per day” treasury plan on August 1, accumulating a position of about 275 BTC, worth roughly $31 million as of October 27.
In October, the Nasdaq-listed firm, which counts David Beckham among its shareholders, raised $48 million in an oversubscribed equity round to purchase more Bitcoin.
At the time, Prenetics’ long-term goal was to reach $1 billion in bitcoin holdings within five years.
Besides, the IM8 brand already hit $100 million in recurring revenue within its first 11 months, pivoting the company’s focus from the Bitcoin accumulation strategy. IM8 is projected to generate between $160 million and $200 million in 2026.
Prenetics will retain its existing BTC holdings as a treasury reserve asset, the announcement added.
“Prenetics has committed to not allocate any existing capital or new capital for the purpose of acquiring additional Bitcoin,” it read.
Further, as Bitcoin entered the bear market in recent months, several digital asset treasury (DAT) companies, which once touted BTC hoarding to woo investors, have changed their focus. For instance, Peter Thiel-backed ethereum treasury ETHZilla closed its crypto treasury, selling $74.5 million worth of ETH early this month.
PRE Stock Down 3.5% in a Day
Following the announcement, Prenetics (PRE) shares fell 3.5% in a day, trading around $15.74 at press time, per Yahoo Finance.
However, the company’s shares have risen 189% this year, and bitcoin dipped about 5.6%. Meanwhile, Michael Saylor’s MSTR, the largest corporate Bitcoin accumulator, fell nearly 48% this year.
