Prenetics Global Limited announced the conclusion of its bitcoin purchasing program, shifting its capital and strategic focus entirely to IM8, the consumer health and longevity brand co-founded with David Beckham that is rapidly expanding.
The Nasdaq-listed health sciences company stated it stopped daily bitcoin purchases on December 4, following approval from its board, and will not seek any future investments in the cryptocurrency.
Prenetics will keep its current holdings of 510 bitcoin as a treasury reserve but has pledged not to invest any new or existing capital in increasing that position.
This decision signifies a significant departure from the strategy the company adopted earlier this year, during which various public firms began accumulating bitcoin as a treasury asset amidst a rising market. That trend has diminished in recent months as cryptocurrency prices weakened and investor attention shifted back to core business operations.
Prenetics indicated that this decision highlights the rapid growth of IM8, which it describes as the fastest-growing supplement brand in the history of the industry.
The company revealed that IM8 surpassed $100 million in annualized recurring revenue within just 11 months of its launch, and it anticipates generating between $180 million and $200 million in revenue in fiscal year 2026.
“The remarkable success of IM8 has surpassed all expectations and has scaled much quicker than initially anticipated,” said Danny Yeung, Prenetics’ CEO and co-founder. He noted that management and the board concurred that focusing resources on IM8 provided the most promising path to long-term shareholder value.
Prenetics stated it maintains a robust financial position, possessing over $70 million in cash and cash equivalents, with no debt, and its existing bitcoin holdings intact. The company believes this financial strength allows it to fund the next phase of IM8’s growth without requiring external financing.
With the updated capital allocation strategy, Prenetics plans to direct funds exclusively towards IM8’s operations and expansion efforts.
This encompasses product development, brand marketing, talent acquisition, working capital, and international growth initiatives. The company framed this shift as a way to enhance strategic clarity and reinforce disciplined governance.
IM8 offers an all-in-one nutritional supplement designed to simplify daily health routines. The brand has been endorsed by Beckham and tennis world number one Aryna Sabalenka, with Prenetics heavily leveraging celebrity-backed branding as it scales globally.
Prenetics’ decision occurs amid bitcoin struggles
The move to stop bitcoin purchases coincides with a downturn in the digital asset market, which is currently witnessing a dip in sentiment.
Bitcoin has faced challenges in regaining momentum after a significant drop earlier in the year, and several companies that have adopted crypto-heavy treasury strategies are experiencing pressure on their share prices.
In this context, Prenetics’ decision highlights a return to a more traditional operational focus.
When the company unveiled its bitcoin accumulation strategy in June, Yeung discussed the potential synergies between healthcare innovation and blockchain technology.
Fast forward six months, and the company’s tone has evolved, with management now emphasizing execution, revenue growth, and consumer demand.
Prenetics believes its revised strategy aligns more closely with shareholder priorities as IM8 continues to expand. While bitcoin will remain as an asset on the balance sheet, the company has clarified that it will no longer play a pivotal role in its capital allocation plans.
Shares of Prenetics remained relatively stable following the announcement. At the time of writing, shares were priced at $16.42 each.
Currently, bitcoin is trading at $88,626, representing a 1% increase over the past 24 hours on a volume of $39 billion, with a market capitalization of approximately $1.77 trillion.
The price is currently near the upper end of its weekly range, roughly 1% below the seven-day high and 2% above the seven-day low, with nearly 19.97 million BTC in circulation.
