Fitness mirror manufacturer Interactive Strength (Nasdaq:TRNR) is pushing heavyweight funds towards crypto. Today, the company announced that it has launched a crypto asset strategy through an initial $55 million investment, with a potential final scale of up to $500 million, entirely used to buy Fetch.ai (FET) tokens.
If the plan is completed, TRNR could become the US-listed company with the largest holding of AI tokens.
First Round of $55 Million in Place
On June 13, the company completed the first $55 million financing through a securities purchase agreement, with funds from private equity firm ATW Partners and crypto market maker DWF Labs. TRNR has commissioned custodian BitGo to buy FET in batches on the open market. According to Financial Modeling Prep's quotation on the 14th, TRNR's stock price closed at $0.74, up 6.2% for the day.
Why Lock in FET?
FET is a top 50 cryptocurrency and one of the top five AI-themed tokens. Coingecko data shows that FET was reported at $0.677 before the deadline. TRNR has reached a technical cooperation with Fetch.ai, and the latter's autonomous agents will be integrated into TRNR's digital fitness platform to help create an AI-driven personal training experience. The company plans to use BitGo's multi-signature custody to ensure token security.
Crypto Circle Evaluation?
DWF Labs evaluated this as follows:
"This represents the next wave of AI-driven digital assets in the corporate capital market."
Outside the crypto circle, Synaptogenix also plans to establish a TAO token treasury of up to $100 million, indicating that traditional enterprises are rapidly testing AI tokens. For TRNR, successful execution is expected to expand its balance sheet and strengthen its brand, but crypto price volatility, regulatory variables, and technical integration challenges remain "unknowns".
