Prenetics Global Halts Bitcoin Strategy to Prioritize IM8 Health Brand Growth
The David Beckham-backed firm has discontinued its corporate Bitcoin treasury strategy after six months, pivoting to focus on its rapidly growing consumer health business.
Prenetics Global, the Nasdaq-listed health technology company backed by David Beckham, has terminated its Bitcoin accumulation initiative to concentrate resources on its IM8 consumer health brand [1].
The company paused BTC purchases on December 4 and will not pursue further acquisitions, though it retains 510 Bitcoin alongside more than $70 million in cash reserves [1]. Prenetics launched its corporate Bitcoin strategy in June, modeling its approach after Michael Saylor's Strategy Inc., and initially acquired 187 BTC for $20 million [1].
In October, the firm raised $48 million in oversubscribed equity funding from investors including Kraken, Exodus, and American Ventures, with plans to purchase one Bitcoin daily while targeting $1 billion in revenue within five years [1]. However, the unexpected success of IM8 prompted a strategic shift.
CEO Danny Yeung stated that IM8 has generated over $100 million in annualized recurring revenue within just 11 months of launch, exceeding management expectations [1]. The board unanimously agreed to redirect full attention toward this opportunity.
Meanwhile, Strategy Inc. continues its Bitcoin accumulation unabated, announcing a December 29 purchase of 1,229 BTC for approximately $108.8 million, bringing its total holdings to 672,497 Bitcoin [1].
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