随着比特币国库趋势变得越来越饱和，新的公司战略正在出现：将资金分配给Altcoins。

加入该运动的最新公司是Interactive Strength Inc.（NASDAQ：TRNR），这是位于德克萨斯州奥斯汀的高端运动设备制造商。

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

随着比特币国库趋势变得越来越饱和，新的公司战略正在出现：将资金分配给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.

加入该运动的最新公司是Interactive Strength Inc（NASDAQ：TRNR），这是一家位于德克萨斯州奥斯汀的高端运动设备制造商。根据其新闻稿，该公司今天早上宣布了引人注目的举动 - “ 5亿美元以获取针对AI的$ FET代币”。资金来自私募股权公司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）是人工超级智能联盟的本地代币，这是一个基于区块链的AI代理网络，将自己定位为竞争对手，将其定位为诸如Chatgpt，Anthropic和Gemini之类的平台。尽管有雄心壮志，FET最近一直在挣扎 - 在过去六个月中，它下降了50％，这使其成为公司财政部使用的人中最糟糕的代币。

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.”

一位不愿透露姓名的行业分析师将FET与另一个有争议的令牌进行了比较。 “ FET是分散的AI的XRP，从某种意义上说，它已锁定在AI进步的模因上。也许不像XRP那样成功地叙述了'金融的未来'叙述，但是模因效应是真实的。它具有一些资本和一些功能相关的相关项目 - 但最终没有太多的物质。”

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，交互式实力公告中的5亿美元数字也有些烟雾和镜子。

(TradingView)

（TradingView）

Interactive Weakness

互动弱点

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，互动式实力首席执行官特伦特·沃德（Trent Ward）表示：“作为加密投资和市场制造的全球领导者，我们看到了TRNR的国库策略和Fetch.ai的远见，这表明了下一个拥有AII驱动数字资产的公司资本市场的浪潮。”该公司在其网站上的进一步营销材料中指出，它看到其健康与锻炼业务与AI之间的协同作用。它写道：“与仅生成内容的传统AI模型不同，这些代理是为了真实的动作而设计的 - 个性化锻炼，预测维护，优化数据流，甚至为更健康的行为提供基于令牌的激励措施。”

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.

他需要这种乐观才能获得回报。互动实力的股票在过去六个月中跌落了71.10％，在过去一年中下降了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.

根据向SEC提交的最新年度报告，该公司在2024年的净亏损3490万美元，收入仅为390万美元。但是，这比2023年的表现有所改善，当时它损失了5130万美元，收入仅为574,000美元。该公司吹嘘其业务的光明未来，除了新的加密货币策略之外，基于预计将于2025年关闭的几次收购。在5月起的更新的投资者演示中，它声称将以7,500万美元的收入付款，并且在今年的第四季度将在本年第4季度盈利。

(TradingView)

（TradingView）

$500 Million—or Just the Illusion of It?

5亿美元，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，互动式实力可能归因于互动式的某些代理或自治。在似乎是加密货币安排的第一个方面，该公司已同意一项条款，允许两个投资者中的每个投资者“要求借款人发行额外的高级有担保可转换可交换票据，多达额外的444,444444444445美元的总本金。”每次转换的罢工价格将在票据关闭前一天的纳斯达克官方收盘价溢价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.

实际上，这意味着备有的5亿美元交易实际上是一笔55,555,555美元的预期投资，其余的4.44亿美元是可选的扩展，而不是保证对资本的保证。

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.”

虽然这对公司来说不一定是负面的交易 - 毕竟，如果加密货币策略正常运行，投资者可能只能行使条款，这似乎是对各个实体之间权力不平衡动态的重大反映。 “我们欢迎投资者的持续战略以20％的溢价投资于市场，以支持我们获得$ FET代币的愿景，并发出信号的下一波企业资本市场，这些公司拥护AI驱动的数字资产，”互动实力Trent Ward Ward通过电子邮件写道。 “当他们为股东创造价值并推动我们的增长时，我们愿意进一步可转换债务。”

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

实际上，很难看一下这样的交易，而不是在加密货币初始硬币（ICO）时代的趋势中提醒趋势，当时公司也很受欢迎，将“区块链”一词添加到他们的时代