Fitness-Equipment manufacturer Interactive Strength (TRNR) said it has concluded a securities purchase agreement to raise up to $500 million to purchase Fetch.ai’s FET token as a cryptocurrency strategy.
The NASDAQ-registered company has already purchased the token after raising $55 million in new capital from ATW partners and DWF Labs, said in a release shared with Coindesk.
“Digital assets are rapidly becoming an important part of global financial infrastructure, and AI is the biggest technical leap of our lifetime,” CEO Trent Ward said in a statement. “We believe that our strategy to acquire a significant number of $FET tokens will dramatically accelerate our mission to create important long-term value for TRNR shareholders.”
Interactive Strength, the maker of CLMBR and a Forme brand device, is on a long list of public US companies that are adding cryptocurrencies to their balance sheets. Most of the Strategy (MSTR)-led focuses on Bitcoin
BTC$109,239.32
. These companies have not acquired AI tokens like FETs.
According to a press release, the TRNR, which has a market capitalization of $8.4 million, will use BITGO to trade and store FET holdings. The stock rose 3.5% in pre-market trading, up 83 cents.