Nasdaq-listed fitness company plans to raise $500 million for FET crypto treasury

U.S.-listed fitness equipment manufacturer Interactive Strength (TRNR) announced today that it plans to raise up to $500 million in a securities purchase agreement, with the proceeds intended for the purchase of Fetch.ai's FET cryptocurrency.The company said it has begun acquiring FET tokens using an initial $55 million investment from DWF Labs and ATW Partners."Fetch.ai is the market leader at the intersection of the two most important technology trends today: artificial intelligence and crypto," Trent Ward, CEO of Interactive Strength, said in a statement. "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.”Fetch.ai’s decentralized platform utilizes autonomous AI agents to help users build tools in various fields, including fitness, logistics, and finance. As part of the deal, Fetch.ai will partner with Interactive Strength to enhance its AI-driven personal training platform. Crypto custodian BitGo is expected to manage the trading and custody of Interactive Strength's FET holdings.The crypto AI platform's native token FET has a market capitalization of $2.1 billion and is currently the 61st largest cryptocurrency, according to The Block's price page. Interactive Strength's shares currently hold a market capitalization of $8 million, Google Finance data shows.AI and blockchain integration has been gaining more traction over the past years, on the expectation that the synergy may result in novel, transformative applications. Last month, Tether announced the upcoming launch of Tether AI, an open-source runtime designed to enable decentralized, crypto-native AI operations on any device or hardware.Meanwhile, Interactive Strength's new FET treasury announcement comes amid a wave of corporate treasury announcements adopting bitcoin, ether, Solana and other cryptocurrencies, spurred by Strategy's successful precedent and favorable crypto regulatory conditions in the U.S.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.