Interactive Strength Inc. Raises $500 Million for FET Token Acquisition

Interactive Strength Inc. (Nasdaq: TRNR), a leading producer of innovative specialty fitness equipment under the CLMBR and FORME brands, has announced a significant strategic move. The company has entered into a Securities Purchase Agreement to raise up to $500 million. The net proceeds from this transaction are earmarked exclusively for the acquisition of FET tokens, a prominent AI digital asset developed by Fetch.ai. This initiative is expected to position TRNR as the largest publicly listed crypto treasury focused on an AI-token in the United States.

TRNR has already begun acquiring FET tokens with an initial $55 million investment from private equity firm ATW Partners and crypto market maker DWF Labs. This investment underscores the strong institutional support for TRNR’s strategy of combining crypto treasury assets with accretive acquisitions. The collaboration with Fetch.ai will also enhance TRNR’s digital fitness services and accelerate the development of an AI-driven personal training platform.

Trent Ward, CEO of TRNR, highlighted the significance of this move, stating that digital assets are becoming an integral part of the global financial infrastructure and that AI represents the most significant technological advancement of our time. He emphasized that Fetch.ai is a market leader at the intersection of AI and crypto, and that TRNR’s strategy to acquire a substantial number of FET tokens could accelerate the creation of long-term value for shareholders.

Andrei Grachev, managing partner of DWF Labs, expressed pride in supporting this landmark deal, which he believes signals the next wave of corporate capital markets embracing AI-driven digital assets. Humayun Sheikh, CEO of Fetch.ai, noted that Fetch.ai’s ecosystem is built on autonomous agents that can interact, collaborate, and transact in real time, enabling users to build and monetize AI tools for various applications, including personalized fitness plans.

Fetch.ai’s platform features the world’s first decentralized LLM designed for autonomous action, powering AI agents that optimize critical industries such as medical research, energy, logistics, and finance. As part of the deal, Fetch.ai will collaborate with TRNR to expand its digital fitness services and accelerate the development of an AI-driven personal training platform. This investment is expected to strengthen TRNR’s financial flexibility, support its AI and digital fitness ambitions, and increase shareholder exposure to next-generation growth assets.

TRNR will leverage BitGo for both the trading and custody of its FET holdings through BitGo’s best-in-class custody platform. The company’s legal advisors for this transaction included Lucosky Brookman, K&L Gates/Ed Dartley, Kelly Drye & Warren, Blank Rome, and Nixon Peabody. Wachsman is the communications and strategy firm for the transaction and the agency of record for Fetch.ai.

For more information on the rationale and structure of the expected acquisition, interested parties can refer to TRNR’s investor website and its required filings with the U.S. Securities and Exchange Commission. Fetch.ai Inc., a Delaware-based AI company and founding member of the ASI Alliance, is redefining the possibilities of an intelligent and connected world through its AI agent-based technology. Fetch.ai’s infrastructure technology enables developers and businesses to build, deploy, and monetize through an agent-based modular platform for the new generation of AI applications. The company’s core product, Agentverse, fuses LLMs and AI agents to create an open and dynamic marketplace that connects users to services and reimagines the current search experience.

Interactive Strength Inc. produces innovative specialty fitness equipment and digital fitness services under two main brands: CLMBR and FORME. CLMBR is a vertical climbing machine that offers an efficient and effective full-body strength and cardio workout, while FORME is a digital fitness platform that combines premium smart gyms with live virtual personal training and coaching to deliver an immersive experience and better outcomes for both consumers and trainers. The company is listed on NASDAQ under the symbol TRNR.