Crypto Firm Backed by French NBA Star Halts Plan to Buy Bitcoin

The Bitcoin Society, a start-up backed by French NBA star Tony Parker and entrepreneur Éric Larchevêque, has abandoned plans to build a crypto treasury to accumulate Bitcoin after market conditions deteriorated. Management said the decision was taken in Q1 when Bitcoin fell more than 20%, undermining plans to raise capital for reserves. The move reduces a potential source of institutional buying and highlights reluctance among smaller crypto-focused firms to carry large BTC inventories amid volatile markets, a factor that could temper near-term demand for Bitcoin.