Interactive Strength (TRNR) Raises Up to $500M to Purchase FET Tokens

Interactive Strength, which trades on Nasdaq under the ticker TRNR, announced Wednesday it has entered into a securities purchase agreement to secure up to $500 million in capital

Interactive Strength, a company known for its sleek, high-tech fitness platforms like CLMBR and FORME, is making a bold move by pivoting to become a major holder of Fetch.ai’s (FET) token. The company, which trades on Nasdaq under the ticker TRNR, announced Wednesday it has entered into a securities purchase agreement to secure up to $500 million in capital, which will be used exclusively to purchase FET.

This initiative positions TRNR to have the largest crypto treasury among US public companies focusing solely on AI tokens. The company will use BitGo’s custody platform for trading and storing its FET holdings.

“Digital assets are rapidly becoming an essential part of global financial infrastructure, and AI is the biggest technological leap in our lifetime,” said Interactive Strength CEO Trent Ward in a statement. “Fetch.ai is the market leader at the intersection of the two most important technology trends today: artificial intelligence and crypto. We believe our strategy to acquire a significant number of FET tokens could dramatically accelerate our mission to create significant long-term value for TRNR shareholders.”

Earlier this year, Interactive Strength secured $55 million in early-stage funding from ATW Partners and DWF Labs, who will be key to facilitating the capital raising efforts for the treasury build. The company is aiming to build the largest treasury among US public companies focusing on AI tokens, in contrast to companies like Coinbase (NASDAQ:COIN) or Block (NYSE:SQ) which hold a basket of tokens.

“We are impressed by Interactive Strength’s pivot to maximize shareholder value by investing in the future of finance and technology with the Fetch.ai treasury strategy. It is a bold and creative move that we believe could pay off big time for the company’s shareholders,” said ATW Partners founder Anar Golomb.

The investment comes as more companies are showing interest in crypto, especially those with an AI focus. Earlier this year, ARK Invest founder Cathie Wood also expressed optimism about Fetch.ai due to its integration of autonomous economic agents.

“As a global leader in crypto investments and market making, we see enormous potential in TRNR’s treasury strategy and Fetch.ai’s vision, signaling the next wave of corporate capital markets embracing AI-driven digital assets,” added DWF Labs' Managing Partner Andrei Grachev.

Apart from the investment, Interactive Strength and Fetch.ai will collaborate on developing AI-powered digital fitness services, merging autonomous agents and AI into Interactive Strength’s fitness ecosystem. This partnership aims to introduce innovative and engaging fitness experiences for users.