David Beckham‑backed Prenetics halts Bitcoin accumulation, refocuses on IM8 growth
Prenetics Global, a Nasdaq‑listed health and consumer brand investor backed by David Beckham and strategic investors including Kraken, Exodus, GPTX, DL Holdings and American Ventures, has stopped further Bitcoin purchases and will hold its existing 510 BTC as a treasury reserve. The company raised about $48 million in October through an oversubscribed equity offering intended to accelerate a Bitcoin reserve strategy and expand its IM8 consumer health brand. Before pausing buys, Prenetics averaged roughly 1 BTC per day and made larger tactical acquisitions, including a 100 BTC purchase in October. Management now says it will redirect resources toward growing IM8 and core health‑science operations rather than continuing active Bitcoin accumulation. The company still reports over $70 million in cash and equivalents. For traders, the decision removes a potential sustained corporate buyer from the market — reducing a predictable source of BTC demand established during the fundraising — but the firm’s existing 510 BTC reserve remains on the balance sheet and is unlikely to be sold immediately.
Neutral
Impact summary: neutral. Prenetics’ pause in Bitcoin accumulation removes a recurring corporate buyer that had been adding roughly 1 BTC/day and made larger tactical purchases, which slightly reduces one predictable source of demand. However, the company still holds 510 BTC and over $70 million cash — a sizeable balance‑sheet position that is being retained as a treasury reserve, not liquidated. Short‑term: marginally bearish to neutral — the absence of continued purchases could remove upward pressure, but the existing 510 BTC holding prevents an immediate increase in sell-side supply. Traders may see reduced corporate-driven bid-side liquidity but no abrupt change in circulating supply. Long‑term: neutral — the strategic shift reflects corporate prioritization of operating growth (IM8) over crypto accumulation; unless Prenetics announces sales of its BTC or other corporates follow suit en masse, the broader market impact should be limited. Other considerations: the size of Prenetics’ purchases was small relative to daily BTC market volume, and investor composition (crypto firms participated in the raise) suggests this was a strategic capital allocation choice rather than a signal about Bitcoin’s fundamentals.