Prenetics Global Ltd. Shifts Cryptocurrency Strategy
Prenetics Global Ltd., the health-sciences company supported by David Beckham, has announced a significant shift in its cryptocurrency strategy. Originally, the company made headlines by purchasing 100 Bitcoin at an average price of $109,594 each in October, as part of its planned Bitcoin treasury management. This investment utilized part of the $44 million raised from an equity offering and drew interest from notable investors including Kraken and tennis star Aryna Sabalenka.
Ceasing Bitcoin Purchases
Fast forward to Tuesday, Prenetics declared that it will stop its Bitcoin buying initiatives, opting instead to preserve its current holdings, which total 510 BTC. CEO Danny Yeung previously highlighted the firm’s healthy financial state and its commitment to a dual approach integrating health advancements with digital asset management. The decision comes after Prenetics had been gradually accumulating Bitcoin — averaging one coin daily, alongside larger strategic buys when optimal market conditions arose.
Focus on Health and Wellness
This strategic pivot emphasizes the company’s intention to focus on its widely-known supplement line, IM8, as it moves forward. In July 2024, Beckham’s investment firm became a strategic stakeholder in Prenetics, further aligning the brand with the health and wellness industry rather than the volatile crypto market.
