Prenetics Global Limited, the health sciences firm linked to David Beckham, said it will stop buying Bitcoin in 2026. This marks a clear retreat from the corporate Bitcoin treasury playbook that gained traction earlier in the cycle.
The company confirmed it ended daily Bitcoin purchases in December 2025 and will not pursue further acquisitions. While Prenetics will retain its existing Bitcoin holdings, the strategic shift reflects a broader reassessment unfolding across public companies after Bitcoin’s late-2025 drawdown.
Bitcoin Bear Market is Making Public Firms Think Twice
Bitcoin’s sharp decline in November and December 2025 weighed heavily on companies using balance sheets to gain crypto exposure. That pressure was most visible at MicroStrategy, whose stock fell far more than Bitcoin itself during the correction.
The divergence highlighted a structural risk. Equity-funded Bitcoin strategies can magnify losses during downturns through leverage, dilution, and shifting investor sentiment.
As Bitcoin slid, MicroStrategy’s share price amplified the move. MSTR has crashed over 60% in the past six months. This reinforced concerns that treasury-led exposure turns operating companies into high-beta crypto proxies.
For non-crypto firms, that volatility carries reputational and governance risks. Boards must justify capital allocation decisions to shareholders who may prefer predictable cash deployment over exposure to a highly cyclical asset.
Against that backdrop, Prenetics’ decision appears less about abandoning Bitcoin entirely and more about containing balance-sheet risk.
Prenetics maintains close ties to Beckham through IM8, its premium health and longevity brand co-founded with the former football star.
IM8’s rapid revenue growth has shifted the company’s risk-reward calculus toward operating expansion rather than financial engineering.
By halting future Bitcoin purchases, Prenetics reduces exposure to crypto market swings while keeping optionality through its existing holdings.
The move signals a wider cooling in corporate Bitcoin enthusiasm. As late-2025 market stress showed, Bitcoin treasuries can boost returns in bull markets but introduce outsized downside during corrections.
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