隨著比特幣國庫趨勢變得越來越飽和，新的公司戰略正在出現：將資金分配給Altcoins。

加入該運動的最新公司是Interactive Strength Inc.（NASDAQ：TRNR），這是位於德克薩斯州奧斯汀的高端運動設備製造商。

As the Bitcoin treasury trend becomes increasingly saturated, a new corporate strategy is emerging: allocating funds to altcoins.

隨著比特幣國庫趨勢變得越來越飽和，新的公司戰略正在出現：將資金分配給Altcoins。

The latest company to join this movement is Interactive Strength Inc (NASDAQ:TRNR), a high-end exercise equipment manufacturer based in Austin, Texas. This morning, the company announced a headline-grabbing move — a “$500 million facility to acquire AI-focused $FET tokens,” according to its press release. The funding comes from private equity firm ATW Partners and crypto market maker DWF Labs.

加入該運動的最新公司是Interactive Strength Inc（NASDAQ：TRNR），這是一家位於德克薩斯州奧斯汀的高端運動設備製造商。根據其新聞稿，該公司今天早上宣布了引人注目的舉動 - “ 5億美元以獲取針對AI的$ FET代幣”。資金來自私募股權公司ATW Partners和Crypto Chaghter DWF Labs。

Fetch.ai (FET) is the native token of the Artificial Superintelligence Alliance, a blockchain-based network of AI agents positioning itself as a competitor to platforms like ChatGPT, Anthropic, and Gemini. Despite its ambitions, FET has struggled recently — it’s down 50% over the past six months, making it the worst-performing token among those adopted for corporate treasury use.

Fetch.ai（FET）是人工超級智能聯盟的本地代幣，這是一個基於區塊鏈的AI代理網絡，將自己定位為競爭對手，將其定位為諸如Chatgpt，Anthropic和Gemini之類的平台。儘管有雄心壯志，FET最近一直在掙扎 - 在過去六個月中，它下降了50％，這使其成為公司財政部使用的人中最糟糕的代幣。

One industry analyst, speaking on condition of anonymity, compared FET to another controversial token. “FET is the XRP of decentralized AI in the sense that it’s latched onto the meme of AI progress. Maybe not as successfully as XRP has with the ‘future of finance’ narrative, but the meme effect is real. It has some capital and a few functioning compute-related projects—but ultimately, there’s not much substance behind it.”

一位不願透露姓名的行業分析師將FET與另一個有爭議的令牌進行了比較。 “ FET是分散的AI的XRP，從某種意義上說，它已鎖定在AI進步的模因上。也許不像XRP那樣成功地敘述了'金融的未來'敘述，但是模因效應是真實的。它具有一些資本和一些功能相關的相關項目 - 但最終沒有太多的物質。”

On top of that, the $500 million figure in Interactive Strength’s announcement is also a bit of smoke and mirrors.

最重要的是，交互式實力公告中的5億美元數字也有些煙霧和鏡子。

(TradingView)

（TradingView）

Interactive Weakness

互動弱點

In the announcement, Interactive Strength CEO Trent Ward said, “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.” In further marketing materials on its website, the company points out that it sees synergies between its wellness and exercise business and AI. “Unlike traditional AI models that only generate content, these agents are designed for real-world action – personalizing workouts, predicting maintenance, optimizing data flow, and even enabling token-based incentives for healthier behavior,” it reads.

在公告中，互動式實力首席執行官特倫特·沃德（Trent Ward）表示：“作為加密投資和市場製造的全球領導者，我們看到了TRNR的國庫策略和Fetch.ai的遠見，這表明了下一個擁有AII驅動數字資產的公司資本市場的浪潮。”該公司在其網站上的進一步營銷材料中指出，它看到其健康與鍛煉業務與AI之間的協同作用。它寫道：“與僅生成內容的傳統AI模型不同，這些代理是為了真實的動作而設計的 - 個性化鍛煉，預測維護，優化數據流，甚至為更健康的行為提供基於令牌的激勵措施。”

He’ll need that optimism to pay off. Interactive Strength’s stock has plummeted 71.10% over the past six months and 99.82% over the past year.

他需要這種樂觀才能獲得回報。互動實力的股票在過去六個月中跌落了71.10％，在過去一年中下降了99.82％。

According to its most recent annual report filed with the SEC, the company posted a net loss of $34.9 million in 2024 and had just $3.9 million in revenue. However, this was an improvement from its performance in 2023, when it produced a $51.3 million loss and had revenue of just $574,000. The company is boasting about a brighter future for its business, outside of the new crypto treasury strategy, based on a couple of acquisitions that are expected to close in 2025. In an updated investor presentation from May, it claims to be on track for $75 million in revenue, and that it will be profitable by Q4 of this year.

根據向SEC提交的最新年度報告，該公司在2024年的淨虧損3490萬美元，收入僅為390萬美元。但是，這比2023年的表現有所改善，當時它損失了5130萬美元，收入僅為574,000美元。該公司吹噓其業務的光明未來，除了新的加密貨幣策略之外，基於預計將於2025年關閉的幾次收購。在5月起的更新的投資者演示中，它聲稱將以7,500萬美元的收入付款，並且在今年的第四季度將在本年第4季度盈利。

(TradingView)

（TradingView）

$500 Million—or Just the Illusion of It?

5億美元，或者只是幻想？

It’s likely due to this precarious financial position that Interactive Strength is ceding some of its agency, or autonomy, in this most recent deal. In what appears to be a first for a crypto treasury arrangement, the company has agreed to a clause allowing each of the two investors to “require the Borrowers to issue additional senior secured convertible exchangeable notes, up to an aggregate principal amount of an additional $444,444,445.” The strike price for each conversion will come at a 20% premium to the official Nasdaq closing price on the day prior to the closing of the note.

在最近的交易中，互動式實力可能歸因於互動式的某些代理或自治。在似乎是加密貨幣安排的第一個方面，該公司已同意一項條款，允許兩個投資者中的每個投資者“要求借款人發行額外的高級有擔保可轉換可交換票據，多達額外的444,444444444445美元的總本金。”每次轉換的罷工價格將在票據關閉前一天的納斯達克官方收盤價溢價20％。

In practical terms, that means the much-publicized $500 million deal is actually a $55,555,555 investment upfront, with the remaining $444 million structured as an optional extension — not a guaranteed infusion of capital.

實際上，這意味著備有的5億美元交易實際上是一筆55,555,555美元的預期投資，其餘的4.44億美元是可選的擴展，而不是保證對資本的保證。

While this is not necessarily a negative deal for the company — after all, the investors would likely only exercise the clause if the crypto treasury strategy is working — it appears to be a significant reflection of the imbalanced power dynamics between the various entities. “We welcome our investor’s continued strategy to invest capital at a 20% premium to market, supporting our vision to acquire $FET tokens and signals the next wave of corporate capital markets embracing AI-driven digital assets,” Interactive Strength CEO Trent Ward wrote via email. “We are open to further convertible debt issuances when they create value for shareholders and fuel our growth.”

雖然這對公司來說不一定是負面的交易 - 畢竟，如果加密貨幣策略正常運行，投資者可能只能行使條款，這似乎是對各個實體之間權力不平衡動態的重大反映。 “我們歡迎投資者的持續戰略以20％的溢價投資於市場，以支持我們獲得$ FET代幣的願景，並發出信號的下一波企業資本市場，這些公司擁護AI驅動的數字資產，”互動實力Trent Ward Ward通過電子郵件寫道。 “當他們為股東創造價值並推動我們的增長時，我們願意進一步可轉換債務。”

In fact, it is difficult to look at deals like this and not be reminded of a trend during crypto’s initial coin offering (ICO) era, when it also became popular for companies to add the word ‘blockchain’ to their

實際上，很難看一下這樣的交易，而不是在加密貨幣初始硬幣（ICO）時代的趨勢中提醒趨勢，當時公司也很受歡迎，將“區塊鏈”一詞添加到他們的時代