New York, June 11 - Interactive Strength (TRNR) is entering the digital asset space by launching an AI-driven crypto treasury. The company plans to acquire $500 million worth of Fetch.ai's FET tokens.
TRNR has begun building its token position, supported by an initial $55 million investment from ATW Partners and DWF Labs. Fetch.ai CEO Humayun Sheikh confirmed the purchases are being executed on the open market.
BitGo will handle the trading and custody of the FET holdings. Following the announcement, FET's price rose over 3% to $0.81868, and TRNR's stock climbed over 12% to $0.89. TRNR chose Fetch.ai for its leadership in combining AI and blockchain technology.
Trent Ward, CEO of TRNR, believes the strategy to acquire FET tokens could accelerate the mission to create long-term value for shareholders. Fetch.ai will collaborate with TRNR to enhance digital fitness services and advance an AI-powered personal training platform.
Sheikh emphasized the importance of Fetch.ai's technology being used, which will require FET. Fetch.ai powers decentralized AI agents and is a member of the Artificial Superintelligence Alliance (ASI).