David Beckham-Backed Prenetics (PRE) Raises $48M to Advance Bitcoin (BTC) Treasury

CORRECTION (Oct. 27, 14:35 UTC): Prenetics updated their numbers when the announcement was live – corrects the $46.8 million and $212 million to $48 million and $216 million respectively.

Prenetics (PRE), the health science company backed by David Beckham, has raised $48 million in an oversubscribed equity round to expand its wellness brand IM8 and advance its bitcoin treasury strategy.

Total proceeds could reach $216 million through warrant exercises, Prenetic said in an emailed announcement on Monday.

The round included investors such as Kraken, Exodus (EXOD), GPTX and American Ventures.

CEO Danny Yeung said the funds will help IM8 — which hit $100 million in annual recurring revenue in 11 months — scale globally while accumulating 1 BTC daily toward a goal of $1 billion in both revenue and bitcoin within five years.

Prenetics joined a growing group of companies in the healthcare industry pursuing a bitcoin treasury earlier this year, making its first purchase in June.

At present, the Hong Kong-headquartered company hold 268.4 BTC ($30.9 million), according to Bitcoin Treasuries.

PRE shares traded nearly 15% lower in pre-market trading on Monday at $13.80.