Nasdaq-listed Prenetics Global, Beckham-backed, has halted its plan to build a Bitcoin treasury and suspended further Bitcoin purchases. The pivot refocuses the group on its core consumer health business, led by the rapid-growth IM8 brand, signaling a cautious stance on cryptocurrency exposure.
In October, the firm closed an oversubscribed round of about $48 million, with funds slated to accelerate the Bitcoin treasury program and broaden IM8. Investors included Beckham, Kraken, Exodus, GPTX led by Wu Jihan, DL Holdings, and American Ventures. The balance sheet shows over $70 million in cash and 510 Bitcoins.
Going forward, the company frames the move as prudent treasury management and enhanced governance, reducing speculative cryptocurrency exposure. The decision aims to stabilize investor sentiment while preserving liquidity for IM8 growth amid regulatory and market dynamics.
Source: https://en.coinotag.com/breakingnews/prenetics-cancels-bitcoin-treasury-plan-and-refocuses-on-im8-nutrition-brand-beckham-backed-nasdaq-listed-company
