Building a $500 million FET treasury through interactive means, collaborates with Fetch.ai for mutual growth
Fitness behemoth Interactive Strength Inc., the buzz behind brands like CLMBR and FORME, has unveiled a colossal $500 million crypto asset strategy, aiming to snap up Fetch.ai's FET tokens.
This bold move, backed by an initial $55 million investment from private equity firm ATW Partners and DWF Labs, marks the entry of a U.S.-listed company into the realm of AI-linked digital assets.
The plan, disclosed to our site, sees the earnings raised solely utilized for the purchase of FET, the top-tier AI cryptocurrency from Fetch.ai's Artificial Superintelligence Alliance. With this action, TRNR aspires to become the country's largest publicly traded crypto treasury solely focused on an AI-token.
"The AI and crypto worlds are intertwining, and Fetch.ai stands at the helm," states Trent Ward, CEO of TRNR, "Acquiring a substantial number of FET tokens could catapult our mission to generate long-term gains for TRNR shareholders."
To leverage BitGo's extensive crypto security services, TRNR will manage its trading and custodial duties as part of its treasury operations. BitGo, a popular choice for institutional investors, provides robust protection to digital assets.
Fetch.ai's AI agents are touted for their capability to autonomously interact and transact, paving the way for marketable tools across numerous industries, including health, energy, logistics, and finance. The partnership with Fetch.ai aims to incorporate these decentralized AI agents into TRNR's digital fitness platform, offering personalized, self-governed coaching.
Among TRNR's upcoming acquisitions of Sportstech and Wattbike, the company seeks to meld digital fitness services with next-generation asset exposure, bolstered by institutional backing. FET, currently among the top 50 cryptocurrencies by market capitalization, ranks high as an AI-focused token.
Meanwhile, connecting the dots in a different part of the globe, Connecticut has imposed a ban on the use and investment in cryptocurrencies by the state. This sweeping move notably restricts Connecticut's fiscal authority from handling digital assets in its operations. Stay tuned for more updates!
- The finance industry is witnessing a significant shift with Interactive Strength Inc., a U.S.-listed company, investing in FET tokens, an AI cryptocurrency from Fetch.ai.
- The $500 million crypto asset strategy by TRNR aims to make it the largest publicly traded crypto treasury focused solely on an AI-token.
- BitGo, a preferred choice for institutional investors, will provide crypto security services to TRNR, managing its trading and custodial duties as part of its treasury operations.
- With Connecticut imposing a ban on the use and investment in cryptocurrencies by the state, it marks a contrasting approach to the growing interest in digital assets in other parts of the industry and finance.
