Interactive Strength (TRNR), a Nasdaq-listed fitness technology firm, is entering the digital asset space by launching what it describes as the first artificial intelligence-driven crypto treasury.
The company plans to acquire $500 million worth of Fetch.ai’s FET tokens, according to a June 11 announcement.
TRNR has started building its token position, backed by an initial $55 million investment from ATW Partners and crypto market maker DWF Labs.
Fetch.ai CEO Humayun Sheikh said the company is executing these tokens’ purchases on the open market and not through an over-the-counter (OTC) deal. He also clarified that the Fetch.ai Foundation has no role in the buying process.
TRNR is working with BitGo to handle the trading and custody of its FET holdings.
Meanwhile, the announcement has already had a significant market impact on these assets. According to CryptoSlate data, FET’s price rose more than 3% to $0.81868 at press time. TRNR’s stock also saw a sharp gain, climbing over 12% to $0.89, based on Google Finance data.
Why TRNR chose Fetch.ai
TRNR explained that it chose Fetch.ai for its leadership in combining artificial intelligence and blockchain technology.
Trent Ward, CEO of TRNR, stated that Fetch.ai sits at the forefront of these two transformative trends that could add value for its shareholders. He said:
“Digital assets are rapidly becoming an essential part of global financial infrastructure and AI is the biggest technological leap in our lifetime…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.”
As part of the initiative, Fetch.ai will collaborate with TRNR to enhance its digital fitness services and advance an AI-powered personal training platform.
Sheikh said:
“For Fetch.ai it is important that our technology is used and for that companies will need FET. This is a great win not only for Fetch_ai but also for crypto as a whole. True utility business model and products to build around. This is no different to using $fet to access tiers of ASI1 and agentverse.”
Fetch.ai powers decentralized AI agents capable of optimizing medical research, energy, logistics, and finance industries.
The network is a member of the Artificial Superintelligence Alliance (ASI) and includes the first decentralized large language model (LLM) designed for autonomous actions.
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