Nasdaq-listed TRNR Raises $500M for FET AI Crypto Treasury

Interactive Strength (TRNR), a Nasdaq-listed fitness equipment manufacturer, is launching what it claims to be the world’s first artificial intelligence cryptocurrency treasury, signaling growing interest in Web3 among different industries.

Interactive Strength, the maker of the CLMBR and FORME fitness equipment, has entered into a Securities Purchase Agreement to raise up to $500 million in capital to acquire Fetch.ai (FET) tokens, according to a June 11 announcement shared with Cointelegraph.

The deal will make Interactive Strength the holder of the world’s largest corporate AI token treasury, the company claims.

Interactive Strength has already started acquiring FET tokens with an initial $55 million investment from private equity firm ATW Partners and crypto market maker DWF Labs.

AI is the “biggest technological leap in our lifetime,” said Trnet Ward, the CEO of TRNR.

“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,” he added.

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This is a developing story, and further information will be added as it becomes available.