Interactive Strength Inc. (TRNR), a U.S.-based fitness equipment company, has unveiled plans to establish what could become the largest publicly listed cryptocurrency treasury in the country, centered on FET tokens from the Fetch.ai project. The company is aiming to raise up to \$500 million through a securities purchase agreement. These funds will be used to acquire significant amounts of FET tokens, which are linked to artificial intelligence (AI) technology.
TRNR secured an initial investment of \$55 million from ATW Partners, a private equity firm, and DWF Labs, a Web3 investment and market-making firm. This marks the first phase of the company’s effort to build a large FET token reserve. In addition, TRNR has partnered with BitGo, a leading cryptocurrency custody provider, to manage and trade its digital assets. The move is part of TRNR’s broader strategy to enhance financial flexibility while supporting its ambitions in AI and digital fitness, with the goal of providing shareholders exposure to emerging growth opportunities.
According to TRNR CEO Trent Ward, the company sees Fetch.ai as a leader in combining AI and cryptocurrency, two of today’s most significant technology trends. He believes acquiring a substantial number of FET tokens will help drive long-term value for the company. As part of the deal, Fetch.ai will work with TRNR to expand its digital fitness offerings, including developing an AI-powered personal training platform.
Despite the announcement, FET’s price saw a decline of 6.9% over the past 24 hours, dropping to \$0.75. While the price did not surge following the news, some analysts remain optimistic. Ted Pillows, a crypto investor and analyst, speculated that FET’s price could soon recover, predicting a breakout above \$1. He noted that the token has strong support between \$0.70 and \$0.72, suggesting any dips could be a buying opportunity.
Meanwhile, TRNR’s stock showed volatility, experiencing a sharp rise after the news, only to fall again. At the time of writing, TRNR shares were priced at \$0.91, down 21.3% from their peak.
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