Nasdaq-listed health sciences company Prenetics has completed an oversubscribed equity offering that attracted crypto-focused investors, including Kraken, Exodus, and GPTX by Jihan Wu. The offering raised $48 million, which will be used to fund its Bitcoin treasury expansion and the growth of its IM8 supplement brand.
DL Holdings and American Ventures also participated in the funding round. Tennis player Aryna Sabalenka and Hong Kong tycoon Adrian Cheng both increased their existing stakes in the company during the offering.
Prenetics stated on Monday that the offering could generate up to $216 million in total proceeds if all warrants are exercised. The company anticipates having total liquidity of around $131 million following the capital raise.
Bitcoin Treasury Initiative and Holdings
Prenetics launched its Bitcoin treasury initiative in June and commenced a daily 1 Bitcoin accumulation strategy on August 1. As of October 27, the company currently holds approximately 275 Bitcoin, valued at $31 million.
Strategic Financial Goals
CEO Danny Yeung indicated that the raised capital will accelerate the global expansion of IM8 while simultaneously advancing the company's Bitcoin treasury initiatives. He outlined a five-year objective to achieve $1 billion in annual revenue, coupled with $1 billion in Bitcoin holdings.
IM8 Supplement Brand Performance
IM8, the supplement brand co-founded by Prenetics with football legend David Beckham, achieved $100 million in recurring revenue within its first 11 months of launch. The company projects that the brand will generate between $160 million and $200 million in revenues for the year 2026.
Stock Performance and Investor Landscape
Prenetics' stock experienced a decline of 21.96% on Monday, closing at $13.08, but saw a rebound of 4.51% in after-hours trading. Over the past five days, the stock has dropped 19.46%, although it remains up 161.6% over the preceding six months.
David Beckham continues to be among the company's shareholders, alongside the newly acquired crypto-focused investors. Yeung characterized the long-term ambition as "bold yet realistic," underscoring the company's dual commitment to traditional business growth and cryptocurrency asset accumulation.