Beckham-Backed Prenetics Abandons Bitcoin Strategy for Wellness Brand

Prenetics, backed by Beckham, shifts focus from Bitcoin to wellness brand.

The medical company Prenetics, supported by David Beckham, has abandoned its strategy of accumulating digital gold. This decision comes less than three months after raising $48 million to form a crypto reserve.

Instead of purchasing digital assets, the firm will focus on developing the wellness brand IM8. Management has described it as “the fastest-growing in the industry’s history.”

Among Prenetics’ investors, besides Beckham, are Kraken, Exodus, Jihan Wu’s GPTX project, and other funds.

Prenetics Global still holds over $70 million in cash and 510 BTC.

At the time of writing, Bitcoin is trading at $88,524 (+1.2%).

Cypherpunk Accumulates

Nasdaq-listed company Cypherpunk has acquired an additional 56,418 ZEC. The transaction amounted to approximately $29 million at an average price of $514 per coin.

The total volume of the firm’s crypto reserves has reached 290,062 ZEC — about 1.8% of the asset’s market supply.

The company continues its plan to accumulate 5% of Zcash’s issuance. Chief Investment Officer Will McEvoy explained this strategy as a response to the growing importance of financial privacy in today’s world.

Cypherpunk unveiled its corporate treasury strategy in November following the rebranding of biotech firm Leap Therapeutics. The initiative was supported by Tyler and Cameron Winklevoss’s Winklevoss Capital, which invested over $50 million in the company.

The ZEC price stands at $522 (-1.9%).

Back in November, Bitwise’s Chief Investment Officer Matt Hougan highlighted the inefficiency of crypto treasuries.

In December, CoinShares researcher James Butterfill noted that the bubble of DAT companies had effectively burst.

Later, industry representatives predicted the collapse of firms holding Bitcoin and Ethereum on their balance sheets.