Prenetics Global, a health tech company listed on Nasdaq, has garnered significant attention by raising $48 million in capital. This boost aims at amplifying its Bitcoin reserves and advancing the global footprint of its vitamin supplement brand, IM8. Renowned investors and personalities such as Kraken, Exodus, DL Holdings, GPTX fund of Jihan Wu, Hong Kong businessman Adrian Cheng, and tennis star Aryna Sabalenka participated, highlighting the broad-based confidence in Prenetics’ strategic direction.
How Does Prenetics Plan to Use its Capital?
The fresh capital infusion is intended to expedite the global expansion of the IM8 brand while also reinforcing Prenetics’ Bitcoin reserves. CEO Danny Yeung emphasized their commitment to a strategic, disciplined approach to Bitcoin holdings, envisioning it as a crucial part of the company’s financial strategy.
Since August, Prenetics has consistently acquired a Bitcoin every day, now holding approximately 275 Bitcoins valued at $31 million. This move, combined with the new capital, is projected to elevate Prenetics’ total liquidity to $131 million.
What is the Vision for IM8’s Future?
Laying out ambitious plans, Prenetics aims to achieve a staggering $1 billion in revenue in the next five years, with a parallel ambition to hold an equivalent amount in Bitcoin assets. Although the company has experienced a decline in stock price by 19% recently, its value has impressively increased by over 161% in the past six months.
Founded in collaboration with David Beckham, the IM8 brand has swiftly reached $100 million in recurring revenue within a year, with plans to expand to $160 million-$200 million by 2026. Part of the investment is dedicated to expanding market presence, especially in Europe and Asia.
Prenetics is merging its expertise in health technology with digital asset strategies, thus connecting traditional and cryptocurrency markets. This integration is anticipated to broaden its investor appeal.
Prenetics CEO Danny Yeung stated, “Our disciplined Bitcoin strategy is pivotal in bolstering our long-term growth and financial resilience.”
Noteworthy aspects of Prenetics’ plan include:
- Daily Bitcoin acquisition strategy amassing approximately 275 Bitcoins.
- IM8’s rapid financial growth post-launch, reaching $100 million revenue.
- Targeted expansion of IM8’s market presence in European and Asian regions.
With robust plans in health and cryptocurrency sectors, Prenetics Global’s strategy is set to transform its competitive edge and reinforce its financial stability, eyeing substantial revenue growth and expanded market influence.
