Prenetics Global, backed by David Beckham, announces it is abandoning its Bitcoin buying strategy.

PANews reported on December 31 that, according to The Block, Prenetics Global, a health supplement brand invested in by football legend David Beckham, has cancelled its plan to accumulate Bitcoin less than three months after raising $48 million to build a cryptocurrency reserve. The company announced on Tuesday that it will no longer pursue its Bitcoin acquisition strategy and will instead "fully capitalize on the rapid growth opportunities of its consumer health brand IM8."

In October, the Nasdaq-listed company raised $48 million in an oversubscribed equity financing round to accelerate its Bitcoin reserve strategy and expand its health supplement brand IM8. Besides Beckham, other investors included Kraken, Exodus, GPTX, DL Holdings, and American Ventures. Prenetics Global currently holds 510 bitcoins and over $70 million in cash and cash equivalents.