David Beckham’s Prenetics Stops All Bitcoin Purchases, Pivots Money to Wellness Brand
Prenetics, co-founded with David Beckham, has halted all new Bitcoin purchases to focus capital on its fast-growing IM8 wellness brand.Summary
Prenetics Global Limited, a Nasdaq-listed health sciences company, announced it has ceased its daily Bitcoin purchasing program as of December 4th, following board approval. The company will retain its existing 510 bitcoin holdings as a treasury reserve but will not expand this position. This strategic pivot redirects all capital and focus toward IM8, its consumer health and longevity brand co-founded with David Beckham, which has experienced rapid growth, surpassing $100 million in annualized recurring revenue within 11 months. CEO Danny Yeung stated that concentrating resources on IM8 offers the clearest path to long-term shareholder value. Prenetics maintains a strong financial position with over $70 million in cash and no debt to fund IM8's expansion, which includes product development, marketing, and international growth. This move contrasts with the company's earlier adoption of a Bitcoin treasury strategy amid a weakening digital asset market sentiment.
(Source：Bitcoin Magazine)