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David Beckham-backed Prenetics Halts Bitcoin Purchases Amid Market Downturn
Source: CryptoNewsNet Original Title: David Beckham-backed Prenetics ditches bitcoin purchase Original Link: 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.
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. The business model gained traction earlier this year as crypto prices rose, but enthusiasm faded after the steep market downturn in October.
On Oct. 27, Prenetics CEO and co-founder Danny Yeung announced the funding round, which included investors such as certain leading exchanges, 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.