Prenetics Halts Bitcoin Purchases to Focus on IM8 Wellness Brand

Prenetics Global Limited has announced the immediate cessation of its bitcoin purchasing program. The Nasdaq-listed health sciences company received board approval on December 4 to halt daily purchases and will not pursue future cryptocurrency acquisitions.

The company is pivoting its capital allocation strategy to focus exclusively on IM8, a consumer health and longevity brand co-founded with David Beckham. This strategic shift marks a departure from the treasury strategy adopted earlier this year when several public firms began accumulating bitcoin.

Despite stopping new purchases, Prenetics will retain its existing holding of 510 bitcoin as a treasury reserve asset. However, the company has committed not to allocate any new or existing capital toward expanding that position.

IM8 has demonstrated exceptional market performance, described as the fastest-growing supplement brand in industry history. The brand surpassed $100 million in annualized recurring revenue within 11 months of launch and is projected to generate between $180 million and $200 million in revenue during fiscal year 2026.

Prenetics maintains a strong financial position with more than $70 million in cash and cash equivalents and zero debt. This balance sheet strength provides the flexibility to fund IM8's next phase of growth without external financing.

Prenetics Global Limited has restructured its capital allocation strategy to prioritize its fastest-growing asset. The decision to halt bitcoin purchases represents a clear shift away from the accumulation strategy adopted earlier this year.

The company cited the rapid growth of IM8 as the primary driver for this strategic realignment. IM8 markets an all-in-one nutritional supplement designed to simplify daily health routines and has leveraged high-profile celebrity partnerships to scale globally.

Key Strategic Changes Include:

• Cessation of all daily bitcoin purchases effective December 4
• Exclusive allocation of funds toward IM8 operations and expansion
• Retention of 510 bitcoin as treasury reserve without expansion
• Internal funding of growth initiatives without external financing

The company emphasized that this pivot reinforces disciplined governance and strategic clarity. Management indicated that concentrating resources on IM8 offers the clearest path to long-term shareholder value creation.

IM8 has achieved financial metrics that far exceeded initial company expectations. The brand reached $100 million in annualized recurring revenue within just 11 months of launching, a milestone that company leadership describes as phenomenal.

Danny Yeung, Prenetics Chief Executive Officer and co-founder, stated that the brand has scaled much faster than originally anticipated. The company projects IM8 will generate between $180 million and $200 million in revenue for fiscal year 2026.

The brand's marketing strategy relies heavily on celebrity backing. David Beckham serves as co-founder and prominent promoter, while tennis world number one Aryna Sabalenka also represents the brand. This celebrity-backed branding approach has been central to the company's global scaling efforts.

The financial success of IM8 provided the necessary justification for management to pivot away from cryptocurrency strategy. The board agreed that focusing on the wellness brand represents a more traditional and potentially more profitable operating focus compared to holding digital assets.

Prenetics maintains a robust balance sheet that enables this strategic pivot without requiring external capital. The company reports more than $70 million in cash and cash equivalents with zero outstanding debt.

This financial strength allows Prenetics to fund IM8's expansion internally. The company plans to direct resources toward product development, brand marketing, talent acquisition, working capital, and international growth initiatives.

The decision occurs against a backdrop of weakening sentiment in the digital asset market. Bitcoin has struggled to regain momentum following a sharp downturn earlier in the year, causing several companies with crypto-heavy treasury strategies to experience share price pressure.

When Prenetics announced its bitcoin accumulation strategy in June, leadership discussed potential overlap between healthcare innovation and blockchain technology. Six months later, the company's tone has shifted toward emphasizing execution, revenue growth, and consumer demand.

Following the announcement, shares of Prenetics remained little changed at $16.42. The company believes the updated strategy aligns more closely with shareholder priorities as IM8 continues its rapid scaling phase.