US Fitness Company Plans $500 Million Crypto Treasury Centered on FET Tokens

Interactive Strength Inc. (TRNR), a US-based producer of specialized fitness equipment, has announced plans to establish what could become the largest publicly listed crypto treasury in the United States, centered on an artificial intelligence (AI)-token. 

The company intends to secure up to $500 million through a securities purchase agreement. The proceeds will be used to acquire Artificial Superintelligence Alliance (FET) tokens associated with the Fetch.ai project.

US Fitness Firm Establishes FET Token Treasury    

According to the official announcement, the initiative began with an initial $55 million investment from ATW Partners, a private equity firm, and DWF Labs, a Web3 investment and market-making firm. 

This marked the first phase of TRNR’s strategy to build a significant FET holding. Moreover, to ensure security, TRNR has partnered with BitGo, a leading cryptocurrency custody provider, to manage and trade its FET assets. 

The goal is to enhance the company’s financial flexibility. The strategy will also support TRNR’s ambitions in AI and digital fitness. Moreover, it aims to offer shareholders greater exposure to emerging growth assets. 

“Fetch.ai is the market leader at the intersection of the two most important technology trends today: artificial intelligence and crypto. 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,” said Trent Ward, CEO of TRNR.

Notably, under the agreement, Fetch.ai will partner with TRNR to enhance its digital fitness offerings and fast-track the development of an AI-powered personal training platform.

This move positions FET alongside Solana (SOL), Ethereum (ETH), XRP (XRP), and Bittensor (TAO) as altcoins that are gaining traction in the expanding trend of crypto treasury establishment.

Despite the announcement, FET, the fourth-largest AI token per CoinGecko, has shown no immediate price surge. In fact, over the past day, the altcoin’s value has declined by 6.9%. At press time, it was trading at $0.75.

FET Token Price Performance. Source: BeInCrypto

Nonetheless, crypto analyst and investor Ted Pillows believes the price could recover soon. In a recent X (formerly Twitter) post, Pillows highlighted that the FET is close to a breakout and could rally over $1.

“$0.7-$0.72 seems like a strong support, so any dip will be for buying. Once FET breaks above $0.8, it’ll run towards $1.1-$1.2 in no time,” the post read.

Meanwhile, TRNR’s stock experienced a pump-and-dump pattern following the news, with shares rising sharply before retreating. 

TRNR Stock Performance. Source: TradingView

At the time of writing, the stock price stood at $0.91, down 21.3% since the announcement pump.