Beckham-Backed Prenetics Halts Bitcoin Strategy, Holds 510 BTC Amid Market Shift
Another corporate crypto play hits the pause button. Prenetics, the biotech firm with David Beckham in its corner, just pulled the plug on its Bitcoin acquisition plan. The strategy's dead—but the stash isn't.
The 510 BTC Question
They're sitting on 510 Bitcoin. Not selling, just... holding. In the grand tradition of corporate treasury moves, it's a classic 'wait and see' with a side of 'we told you so.' The original plan to keep buying is officially shelved. No new coins entering the vault.
Strategy Shift or Strategic Retreat?
Call it a reassessment. Call it cold feet. The market's looking different than it did when the plan was hatched—volatility's the only constant, and even celebrity endorsements can't smooth that ride. It's the finance equivalent of parking a Lamborghini in the garage and deciding to take the bus for a while. Sometimes, the smartest move is to stop making moves.
So the coins sit. A digital asset frozen in a corporate spreadsheet, waiting for the next boardroom debate on 'long-term store of value' versus 'quarterly earnings pressure.' Because nothing says 'future of finance' like a multi-million dollar bet stuck in committee.
Bitcoin Pullback and IM8 Growth Drive Strategy Shift
The group of investors covered such football stars as David Beckham and various companies focused on crypto. Kraken, Exodus, and GPTX, with the support of Jihan Wu, DL Holdings, and American Ventures, also took part in the round. At that time, the company did not indicate that it WOULD imminently change its crypto plans.
Bitcoin prices then have gone downwards. When the company announced the October rise, the price of Bitcoin was approximately $114,000 at that time. Bitcoin was trading at 88,271 as of Tuesday.
Prenetics claimed that the board and management of the company looked at priorities based on the latest developments. The company has focused on the performance of IM8, which it has claimed as the fastest-growing supplement brand in the history of the industry. According to executives, this expansion provided an easier way to shareholder value in the long term.
Leadership Endorses IM8 Shift as Bitcoin Holdings Stay Intact
Co-founder and chief executive Danny Yeung said it was a unanimous decision. According to him, all-IM8 concentration is a rare chance, one that is worthy; all the operations should be fully concentrated. The company did not mention regulatory and compliance issues in its decision.
In spite of the change, Prenetics continues to have exposure to digital assets. The company had reported to own over $70 million in cash and cash equivalents. It also reaffirmed that it has 510 Bitcoin in its balance sheet.
This step places Prenetics among a growing number of companies that are readjusting their strategies related to cryptocurrency. Earlier this month, ethereum treasury ETHZilla, supported by Peter Thiel, announced that it would shift to tokenizing real-world assets rather than adding more and more ether to its holdings.
Due to the continued volatility of crypto markets, other publicly traded firms are reconsidering their treasury strategies. Others are reinventing their Core product development and balance sheet management rather than being aggressive digitally in asset accumulation.
