Fitness-equipment manufacturer Interactive Strength (TRNR) said it entered into a securities purchase agreement to raise as much as $500 million for buying Fetch.ai's FET token as a crypto treasury strategy.
The Nasdaq-listed company is already in the process of buying the tokens after raising $55 million of new capital from ATW Partners and DWF Labs, it said in a release shared with CoinDesk.
“Digital assets are rapidly becoming an essential part of global financial infrastructure and AI is the biggest technological leap in our lifetime,” CEO Trent Ward said in the statement. “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.”
Interactive Strength, the maker of CLMBR and FORME branded equipment, joins a long list of public companies in U.S. that are adding cryptocurrencies to their balance sheets. Most, led by Strategy (MSTR), are focused on bitcoin BTC. None of these companies has acquired AI tokens like FET.
TRNR, which has a market cap of $8.4 million, will use BitGo for trading and custody of its FET holdings, according to the press release. Its shares rose 3.5% to 83 cents in pre-market trading.
