Prenetics Global Limited, a Nasdaq-listed health sciences company, has announced the cessation of its bitcoin purchasing program. The company will now redirect its entire capital and strategic focus towards IM8, its rapidly expanding consumer health and longevity brand, which was co-founded with David Beckham. This strategic pivot, approved by its board of directors, saw Prenetics stop daily bitcoin purchases on December 4 and commit not to pursue future acquisitions of the cryptocurrency.

Despite ending new bitcoin purchases, Prenetics will retain its existing holdings of 510 bitcoin as a treasury reserve asset. However, the company has explicitly stated that no new or existing capital will be allocated to expand this cryptocurrency position. This move represents a significant departure from a strategy adopted earlier in the year, when many public firms began accumulating bitcoin as a treasury asset during a period of market growth. This trend has since slowed, with cryptocurrency prices weakening and investor attention returning to core operating businesses.

The decision by Prenetics is primarily driven by the phenomenal success and rapid growth of IM8. The company has described IM8 as the fastest-growing supplement brand in the industry's history, having surpassed an impressive $100 million in annualized recurring revenue within just 11 months of its launch. Furthermore, IM8 is projected to generate between $180 million and $200 million in revenue in fiscal year 2026. Danny Yeung, Prenetics' chief executive officer and co-founder, noted that IM8's success has significantly exceeded initial expectations, leading management and the board to conclude that concentrating resources on this brand offers the clearest path to long-term shareholder value.

Prenetics emphasizes its strong financial position, reporting over $70 million in cash and cash equivalents, zero debt, and its existing bitcoin holdings intact. This robust balance sheet provides the company with the necessary flexibility to fund IM8's next phase of growth without needing to rely on external financing. Under the revised capital allocation strategy, all funds will be exclusively directed toward IM8’s operations and expansion, encompassing product development, brand marketing, talent acquisition, working capital, and international growth initiatives. This shift aims to enhance strategic clarity and reinforce disciplined governance across the organization.

IM8 markets an all-in-one nutritional supplement designed to simplify daily health routines. The brand has notably leveraged celebrity endorsements, being promoted by figures such as David Beckham and tennis world number one Aryna Sabalenka, as Prenetics scales the business globally. This celebrity-backed branding strategy has been a key component of IM8's market penetration and growth.

The company's decision to halt bitcoin purchases coincides with a period of weaker sentiment in the digital asset market, where bitcoin has struggled to regain momentum after an earlier sharp downturn. Several companies that had adopted crypto-heavy treasury strategies have seen their share prices come under pressure in this environment. Prenetics' move, therefore, stands out as a reversion toward a more traditional operating focus. While CEO Danny Yeung previously highlighted the potential overlap between healthcare innovation and blockchain technology when the bitcoin strategy was announced in June, the company’s current tone emphasizes execution, revenue growth, and consumer demand. The updated strategy is believed to align more closely with shareholder priorities as IM8 continues its rapid scaling. Although bitcoin will remain on the balance sheet, it will no longer play a central role in the company's capital deployment plans. Following the announcement, shares of Prenetics were little changed, trading at $16.42 a share. Currently, bitcoin is trading at $88,626, up 1% over the past 24 hours on $39 billion in volume, with a market cap of approximately $1.77 trillion and nearly 19.97 million BTC in circulation.