Beckham-supported company abandons Bitcoin accumulation plan, previously raised $48 million to invest in crypto assets

On December 31, Prenetics Global, a nutritional supplement company supported by football star Beckham, announced that it has canceled its Bitcoin (BTC) reserve and accumulation plans. This decision came less than three months after the company completed a $48 million funding round and explicitly outlined a strategy to build a crypto asset treasury. Prenetics stated that the company’s strategic focus has shifted back to its core consumer health business, IM8, which it describes as “the fastest-growing nutritional supplement brand in industry history.” In a statement released on Tuesday, the company said it will no longer pursue future Bitcoin acquisitions.

In October, the NASDAQ-listed company completed an oversubscribed equity financing round, with funds originally intended to accelerate Bitcoin treasury development and expand the IM8 brand. At that time, Bitcoin was priced at approximately $114,000, but by Tuesday afternoon this week, Bitcoin’s price had fallen back to around $88,000.

Investors in this funding round, besides Beckham, included institutions such as CEX, Exodus, GPTX under Wu Jihan, DL Holdings, and American Ventures. The company disclosed that it currently holds over $70 million in cash and cash equivalents and owns 510 Bitcoin.