David Beckham-backed supplements firm quits Bitcoin buying strategy after raising $48 million
Prenetics Global, backed by David Beckham, canceled its Bitcoin acquisition strategy to focus on its fast-growing IM8 supplement brand.Summary
Prenetics Global, a supplements brand supported by David Beckham, has halted its plans to accumulate Bitcoin just three months after securing $48 million in an equity round intended partly for building a crypto treasury. The Nasdaq-listed firm stated it will no longer pursue future Bitcoin acquisitions, choosing instead to realign its focus to capitalize on the rapid growth of its consumer health brand, IM8. The October funding round, which was oversubscribed and included investors like Kraken and Jihan Wu's GPTX, was meant to accelerate both the Bitcoin treasury strategy and IM8 expansion. At the time of the October raise, Bitcoin was trading around $114,000, but it had dropped to about $88,000 by Tuesday. CEO Danny Yeung explained the decision was a unanimous agreement to devote attention to the "once-in-a-generation opportunity" presented by IM8. Prenetics Global currently holds over $70 million in cash and equivalents, alongside 510 BTC.
(Source：The Block)