Prenetics Halts Bitcoin Accumulation Strategy Amid Market Slump

• Prenetics has paused BTC purchases and holds 504 BTC in its assets. 
• The company is shifting towards the IM8 wellness business and raised over $100 million in just 100 months. 

Prenetics is a health science and diagnostics company co-founded and supported by the well-known football player David Beckham. Due to the recent slump in the cryptocurrency market, it announced that it has halted its Bitcoin Purchasing Strategy. Before halting, the plan of the company was that a portion of the $48 million the company had raised this year would go toward buying Bitcoin and keeping it on the balance sheet. This approach has been copied from the well-known investor and businessman Michael Saylor’s Strategy Inc.

As the crypto market is more volatile and the price of Bitcoin started dipping, this made Prenetics drop the Bitcoin accumulation strategy. Because of this prolonged weakness in the market, Prenetics decided to stop buying Bitcoin officially on December 4. The funding round has been initiated, and Kraken and Exodus have been part of the funding round for Prenetics. 

Prenetics Stops Bitcoin Buying, Redirects Capital to IM8

Now, Prenetics is putting all its money into its own business of IM8, which is a core consumer health brand. It purely focuses on nutrition supplements, Gut health, and Immune support. This business was started less than 11 months ago, and within a short period of time, the business has raised over $100 million in annual recurring revenue (ARR).  The CEO, Danny Yeung, says that 

“Q3 results are in, and here are the highlights:

– We’re growing at unprecedented speed. PRE revenue up 568% YoY to $23.6M

– IM8: From $0 to $120M ARR in just 12 months – fastest supplement brand growth in industry history globally.”

He also says that this business is evolving into one of the most successful businesses and growing more massively than expected. So Prenetics started to focus on scaling IM8 globally. 

Despite new purchases, Prenetics confirms that it will hold the existing BTC. Currently, Prenetics holds 514 BTC, which is valued at around $45 million at the time of writing. The company also clarified that it will not allocate any existing or future capital for the additional Bitcoin purchases. 

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