“The health sciences company, co-founded by the English football icon, announcement comes as the crypto’s market capitalization continues to lose ground.”, — write: www.coindesk.com
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 Kraken, Exodus (EXOD), GPTX and American Ventures. He said the funds would help his “IM8” business scale globally while accumulating 1 BTC daily toward a goal of $1 billion in revenue and bitcoin within five years.
However, the firm said in a statement on Tuesday that it stopped purchasing bitcoin on Dec. 4 to focus its resources exclusively on IM8, which it said has generated more than $100 million in annualized recurring revenue (ARR) since it launched 11 months ago.
“The phenomenal success of IM8 has exceeded all expectations and scaled much faster than we originally anticipated,” Yeung said. “Our board and management team unanimously agreed that the most promising path to creating significant, sustainable shareholder value is to devote our undivided attention to this opportunity clearly visible in IM8.”
Prenetics, backed and co-founded by English football icon David Beckham, said it won’t allocate any existing or new capital for the purpose of buying additional bitcoin. However, it still plans to hold its existing 510 bitcoins as a reserve asset, worth nearly $45 million as of Tuesday afternoon ET.
Prenetics shares have risen 189% this year, while Michael Saylor’s MSTR fell nearly 48% and bitcoin dipped about 5.6%.
Read more: Is the Bitcoin Digital Asset Treasury Model Broken? Architect Partners Says No
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional gains. Explore the key trends defining ten major blockchains below.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
View Full Report
The filing marks the first attempt to bring TAO, Bittensor’s native token, to US markets through a regulated investment product.
- Grayscale has filed an initial S-1 registration with the SEC for the first US-listed ETP offering exposure to Bittensor’s TAO token.
- The proposed Grayscale Bittensor Trust will be trading under the ticker GTAO, and aims to provide regulated access to decentralized AI tokens.
- The filing highlights the rapid evolution of decentralized AI and growing institutional interest in AI-related crypto assets.
Read full story