Prenetics Global, a health tech company listed on Nasdaq, has successfully raised $48 million in capital. This significant funding will be used to bolster its Bitcoin reserves and accelerate the global expansion of its vitamin supplement brand, IM8. The investment round saw participation from notable investors and personalities, including Kraken, Exodus, DL Holdings, Jihan Wu's GPTX fund, Hong Kong businessman Adrian Cheng, and tennis star Aryna Sabalenka, underscoring widespread confidence in Prenetics' strategic direction.
Strategic Allocation of New Capital
The newly acquired capital is earmarked for two primary objectives: expediting the worldwide growth of the IM8 brand and strengthening Prenetics’ Bitcoin holdings. CEO Danny Yeung has articulated the company's commitment to a deliberate and disciplined approach to managing its Bitcoin reserves, viewing it as an integral component of the company's financial strategy.
Since August, Prenetics has been consistently acquiring one Bitcoin daily. The company currently holds approximately 275 Bitcoins, valued at $31 million. This ongoing acquisition strategy, combined with the recent capital infusion, is projected to increase Prenetics’ total liquidity to $131 million.
Vision for IM8's Future Growth
Prenetics has set ambitious targets for the IM8 brand, aiming to achieve $1 billion in revenue within the next five years. Concurrently, the company aspires to hold an equivalent value in Bitcoin assets. Despite a recent 19% decline in its stock price, Prenetics' stock has seen a substantial increase of over 161% in the last six months.
The IM8 brand, developed in partnership with David Beckham, has demonstrated rapid success, reaching $100 million in recurring revenue within its first year. The company plans to further expand this revenue to between $160 million and $200 million by 2026. A portion of the new investment will be allocated to enhancing IM8's market presence, with a particular focus on expansion into European and Asian markets.
Prenetics is strategically integrating its expertise in health technology with digital asset strategies, thereby creating a bridge between traditional financial markets and the cryptocurrency space. This integrated approach is expected to broaden the company's appeal to a wider range of investors.
Prenetics CEO Danny Yeung stated, "Our disciplined Bitcoin strategy is pivotal in bolstering our long-term growth and financial resilience."
Key components of Prenetics’ strategic plan include:
- •A consistent daily Bitcoin acquisition strategy, resulting in the accumulation of approximately 275 Bitcoins.
- •The rapid financial growth of the IM8 brand since its launch, achieving $100 million in revenue.
- •Targeted expansion initiatives for IM8's market presence in European and Asian regions.
With comprehensive plans encompassing both the health and cryptocurrency sectors, Prenetics Global is poised to enhance its competitive standing and reinforce its financial stability, with a clear objective of achieving substantial revenue growth and expanding its market influence.