A healthcare business backed by David Beckham that began purchasing Bitcoin this year has pulled back from that plan as cryptocurrency values drop.
Prenetics announced Tuesday it stopped acquiring Bitcoin on Dec. 4. The company will now concentrate its efforts on IM8, a vitamin and supplement line created with former England soccer star David Beckham. Beckham also holds an investment stake in Prenetics, the company’s website shows.
“We are making disciplined strategic decisions that reflect our experience as operators and our commitment to maximizing long-term shareholder value,” said Danny Yeung, who leads Prenetics as chief executive officer.
The company started its Bitcoin buying program in June. It followed an approach created by Michael Saylor’s Strategy Inc. These businesses, called digital asset treasury firms, collect money to purchase cryptocurrencies.
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Company keeps remaining Bitcoin holdings
This plan gained popularity in early 2025 when prices climbed higher, but interest dropped after the crypto market fell in October. Many company leaders shifted their approach as Bitcoin prices declined and their stock values tumbled.
When Prenetics revealed its Bitcoin plan in June, Yeung expressed enthusiasm about the “convergence we’re witnessing between healthcare innovation and blockchain technology,” describing it as “the dawn of a new era.”
The company plans to keep its existing 510 Bitcoin, valued at $44.8 million on Tuesday.
The Bitcoin treasury approach appears to be struggling
Companies built to stockpile digital currencies have faced one setback after another in recent months. Their stock values dropped below the worth of the cryptocurrencies they own. Several firms started buying back their own shares, with some even selling their digital tokens to pay for those purchases.
The troubles have attracted activist investors, including Paul Glazer, known in financial circles as the “True King of SPACs.”
What started as a force pushing crypto prices higher has turned into something dragging them down. Even Strategy, the company that pioneered this approach, faces mounting challenges. Bitcoin’s sharp drop in November created stress for the preferred stock that Strategy sold to finance its purchases.
The price advantages these companies once enjoyed have nearly disappeared, according to data from Artemis. In the past, investors paid extra to buy shares in these firms compared to the value of their actual crypto holdings. That premium has now evaporated.
Investors and crypto traders are now trying to figure out what happens next, especially since these companies have become important indicators of market mood.
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