Nasdaq-listed Prenetics Global has successfully raised $48 million in an oversubscribed equity round, aimed at expanding its Bitcoin treasury program and scaling its rapidly growing supplement brand, IM8. The funding round attracted a diverse group of investors, blending traditional and crypto-native participants, including Kraken, Exodus, DL Holdings, and GPTX, which was founded by prominent figure Jihan Wu. Celebrity backers such as Aryna Sabalenka and Adrian Cheng also increased their stakes in the company.
Prenetics’ ambitious strategy includes ramping up the IM8 supplement brand and enhancing its Bitcoin accumulation efforts. The company has set a long-term target of achieving $1 billion in annual revenue and matching that amount in Bitcoin holdings within the next five years. Recently, CEO Danny Yeung highlighted that the latest funding will help accelerate IM8’s international growth while bolstering the firm’s Bitcoin treasury strategy.
As part of its financial strategy, Prenetics initiated a “1 BTC per day” treasury plan on August 1, 2025, amassing approximately 275 BTC, which is valued at around $31 million as of October 27. Following this capital raise, the total liquidity for the company is expected to reach around $131 million.
IM8, co-founded by Prenetics and celebrity athlete David Beckham, has emerged as a significant growth driver for the company. Impressively, the brand achieved $100 million in recurring revenue within its first 11 months and is projected to generate between $160 million and $200 million by 2026.
Despite the positive funding news, Prenetics’ stock experienced a sharp decline, falling 21.96% to close at $13.08 before recovering slightly in after-hours trading, up 4.51%. The company’s shares have displayed volatility but have increased over 160% in the last six months, primarily due to heightened investor interest in the innovative integration of healthcare and Bitcoin treasury strategies.
In a separate development, Japan-based Bitcoin treasury firm Metaplanet announced a strategic buyback plan involving up to 150 million shares, which accounts for around 13% of its total stock. This move comes as the firm aims to address a significant decline in its market-to-net-asset value (mNAV) following considerable market volatility. The mNAV of Metaplanet peaked at 10.33x in February but dropped to as low as 0.88x earlier this month. The company’s board has approved a $500 million credit facility to fund this repurchase initiative over the upcoming year, commencing on October 29, 2025.
According to a recent report by 10x Research, retail investors pursuing Bitcoin exposure through public companies like Metaplanet and similar entities have reportedly incurred losses amounting to about $17 billion. This situation arises from share premiums that previously valued these firms well above their Bitcoin holdings, which have since diminished significantly. Meanwhile, Galaxy Digital CEO Michael Novogratz has expressed the view that the influx of new crypto treasury companies may have peaked, indicating a shift toward identifying existing firms capable of scaling and dominating the market.
