Nasdaq-listed Prenetics Global has raised $48 million in an oversubscribed equity round to expand its Bitcoin treasury program and scale its fast-growing supplement brand, IM8.
The round drew a mix of traditional and crypto-native investors, including Kraken, Exodus, GPTX (founded by Jihan Wu), DL Holdings, and American Ventures.
According to the company’s announcement on Monday, celebrity investors such as Aryna Sabalenka and Adrian Cheng also increased their stakes.
Prenetics, which counts David Beckham among its shareholders, said the offering could generate up to $216 million in total proceeds if all warrants are exercised.
CEO Danny Yeung said the new funding will accelerate IM8’s international expansion while strengthening the firm’s Bitcoin accumulation strategy.
Prenetics began its “1 BTC per day” treasury plan on August 1, building a position of about 275 BTC, worth roughly $31 million as of October 27.
Following the capital raise, the company expects total liquidity of around $131 million.
IM8, co-founded with Beckham, has become a key driver of the company’s growth. The brand hit $100 million in recurring revenue within its first 11 months and is projected to generate between $160 million and $200 million in 2026.
Yeung said Prenetics’ long-term ambition is to reach $1 billion in annual revenue and $1 billion in Bitcoin holdings within five years.
Despite Monday’s announcement, Prenetics’ stock fell 21.96% to close at $13.08, before rebounding 4.51% in after-hours trading, according to Yahoo Finance.
The company’s shares remain volatile but have climbed more than 160% over the past six months, driven by growing investor interest in its unique blend of healthcare innovation and Bitcoin treasury management.
On Tuesday, Japan’s Bitcoin treasury firm Metaplanet announced plans to repurchase up to 150 million shares, representing about 13% of its total stock, in response to a sharp decline in its market-to-net-asset value (mNAV).
The company said the initiative is designed to enhance capital efficiency and address the growing gap between its enterprise value and Bitcoin holdings, noting that market volatility has pushed its shares well below intrinsic value.
The firm’s mNAV hit a high of 10.33x in February but dropped to 0.88x earlier this month before recovering to 1.03x, signaling persistent undervaluation relative to its Bitcoin reserves.
To execute the buyback, Metaplanet’s board approved a $500 million credit facility to fund the repurchases over the next year, starting October 29, 2025.
According to a recent report by 10x Research, retail investors chasing Bitcoin exposure through public companies like Metaplanet and Michael Saylor’s Strategy have lost an estimated $17 billion.
The firm said the losses stem from share premiums that once priced these companies far above the value of their Bitcoin holdings, premiums that have now evaporated.
Meabwhike, Galaxy Digital CEO Michael Novogratz believes the wave of new crypto treasury companies has likely hit its peak, with attention now shifting to which existing firms can scale and dominate.
