Bitcoin holdings less than half a year, Prenetics announces return to core health business, is the crypto narrative cooling down?

Prenetics halts Bitcoin reserve strategy, retains existing positions, and fully returns to core business, focusing capital on the unexpectedly fast-growing nutritional supplement brand IM8.

Halting Bitcoin reserve strategy, board approves full shift to core business

Nasdaq-listed health science company Prenetics Global Limited announced that on December 4th, it officially ceased its Bitcoin ($BTC) purchasing plan, and will no longer allocate any new funds or existing capital to cryptocurrency holdings. This decision was approved by the board and executed, symbolizing the company’s clear departure from the “corporate Bitcoin reserve” approach that was only initiated mid-year.

Prenetics states that although it will no longer increase Bitcoin holdings, it will still retain 510 Bitcoins on its balance sheet as part of its reserve assets, and will not sell them immediately.

The company emphasizes that this is not due to financial pressure, but a reordering of overall capital allocation strategy, aiming to concentrate limited resources on its most promising core business.

IM8’s growth exceeds expectations, becoming a key focus for resource reallocation

The core reason prompting Prenetics to make a sharp turn is the operational performance of its nutritional supplement brand IM8. The brand was co-founded by Prenetics and British football star David Beckham, promoting a comprehensive “one-pack” nutritional supplement concept. After only 11 months since launch, its annual recurring revenue has exceeded $100 million, making it one of the “fastest-growing supplement brands in industry history” according to the company.

The company estimates that IM8’s revenue for the 2026 fiscal year could reach between $180 million and $200 million.

CEO and co-founder Danny Yeung stated that IM8’s market acceptance and expansion speed have significantly exceeded initial expectations. The management team and board unanimously believe that focusing all capital, manpower, and management efforts on IM8 is the clearest and relatively least risky path to creating long-term shareholder value.

Exiting the “corporate Bitcoin buying wave” reflects a rapid shift in market sentiment

Prenetics’ strategic adjustment is also seen as a microcosm of the 2025 retreat from corporate crypto deployments. When the company launched its Bitcoin accumulation plan in June, market sentiment was high, with many listed companies mimicking the corporate Bitcoin buying model promoted by Michael Saylor, raising funds to include Bitcoin in their asset allocations. However, as the crypto market weakened after October and Bitcoin prices declined, such high-volatility financial strategies began to face pressure from investors and the capital markets.

Prenetics initially invested about $20 million in Bitcoin, with an average cost higher than the current market price, resulting in unrealized losses on paper. In contrast, the company’s stock price has risen significantly this year, indicating that the market values its core health industry business far more than its crypto holdings. The latest stance from the company also shows that management no longer views blockchain narratives as a growth driver, but instead returns focus to revenue, products, and consumer demand.

Solid financial health, focusing on brands and international expansion

After stopping Bitcoin purchases, Prenetics emphasizes that its financial position remains robust. It still holds over $70 million in cash and equivalents, with no debt, sufficient to support IM8’s next phase of product development, branding, talent recruitment, and international market expansion.

The company states that future capital expenditures will be focused solely on IM8’s operations and growth, no longer diversifying into highly volatile crypto assets.

Against the backdrop of a cooling crypto market and emerging corporate de-risking trends, Prenetics’ shift is seen as a pragmatic choice. Moving away from chasing Bitcoin financial narratives, and returning to celebrity-backed, cash-flow-positive consumer health brands, this company—once briefly riding the wave of “crypto enterprise”—has now chosen to return to the track it knows best and that is most easily understood by the capital markets.