David Beckham’s Bitcoin Bet: A Tale of Waning Crypto Dreams 🏆💸

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Finance

What to know:

  • Prenetics has halted its bitcoin purchasing strategy due to a prolonged downturn in the cryptocurrency market. 🐍
  • The company will focus its resources on its IM8 business, which has generated over $100 million in annualized recurring revenue. 🎯
  • Prenetics will retain its existing 510 bitcoin as a reserve asset, valued at nearly $45 million. 💸

Prenetics (PRE), a health-sciences company that raised $48 million earlier this year, partially to build a bitcoin treasury, said it decided to stop purchasing BTC amid prolonged weakness in the cryptocurrency market. Because nothing says “financial foresight” like buying a bunch of crypto just as it tanks. 🤯

The company rolled out its bitcoin accumulation strategy in June, following a model championed by Michael Saylor’s Strategy Inc, in which firms raise capital to buy and hold crypto on their balance sheets. Because if you can’t trust a football star and a crypto guru, who can you trust? 🤷‍♂️

On Oct. 27, Prenetics CEO and co/founder Danny Yeung announced the funding round, which included investors such as Kraken, Exodus (EXOD), GPTX and American Ventures. He said the funds would help its “IM8” business scale globally while accumulating 1 BTC daily toward a goal of $1 billion in revenue and bitcoin within five years. Because nothing says “ambition” like betting your entire future on a digital token that’s more volatile than a teenager’s mood. 😂

However, the firm said in a statement on Tuesday that it stopped purchasing bitcoin on Dec. 4 to focus its resources exclusively on IM8, which it said has generated more than $100 million in annualized recurring revenue (ARR) since it launched 11 months ago. Because apparently, health tech is the new “get rich or die trying” scheme. 🩺

“The phenomenal success of IM8 has exceeded all expectations and scaled much faster than we originally anticipated,” Yeung said. “Our board and management team unanimously agreed that the most promising path to creating significant, sustainable shareholder value is to devote our undivided attention to this opportunity clearly visible in IM8.” Because nothing says “undivided attention” like abandoning your original plan to chase a new one. 🧠

Prenetics, backed and co-founded by English football icon David Beckham, said it won’t allocate any existing or new capital for the purpose of buying additional bitcoin. But hey, at least they’re keeping their 510 BTC as a “reserve asset.” Because nothing says “safety” like holding onto a bunch of digital doodles. 🧾

Prenetics shares have risen 189% this year, while Michael Saylor’s MSTR fell nearly 48% and bitcoin dipped about 5.6%. Because if you can’t laugh at the chaos, what’s the point? 😂

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2025-12-30 21:44