The company supported by Beckham has abandoned its plan to increase its Bitcoin holdings, having previously raised $48 million to invest in crypto assets

The nutrition supplement company Prenetics Global, supported by football star David Beckham, announced that it has canceled its Bitcoin (BTC) reserve and accumulation plan. This decision comes less than three months after the company completed a $48 million funding round and explicitly proposed a strategy to build a cryptocurrency asset treasury.

Prenetics stated that the company will refocus its strategic priorities on its core consumer health business IM8, which it describes as "the fastest-growing nutrition supplement brand in industry history." In a statement released on Tuesday, the company announced that it will no longer pursue future Bitcoin acquisitions. In October of this year, the Nasdaq-listed company completed an oversubscribed equity financing round, with funds originally intended to accelerate the construction of the Bitcoin treasury and expand the IM8 brand. At that time, the price of Bitcoin was approximately $114,000, while as of Tuesday afternoon, the price had fallen to around $88,000.

In addition to Beckham, the investors in this funding round included institutions such as Kraken, Exodus, Wu Jihan's GPTX, DL Holdings, and American Ventures. The company disclosed that it currently holds over $70 million in cash and cash equivalents, as well as 510 Bitcoins.