U.S.-based fitness company Interactive Strength (TRNR) announced plans to raise up to $500 million to acquire Fetch.ai’s cryptocurrency FET.
Fetch.ai (FET), a leading player at the intersection of artificial intelligence and blockchain, has secured another major institutional investor. Interactive Strength has already initiated its strategic move, purchasing FET tokens using an initial $55 million funding round led by DWF Labs and ATW Partners.
Interactive Strength CEO Trent Ward commented on the strategic decision, stating:
“Fetch.ai sits at the intersection of today's most significant technology trends: AI and crypto. We firmly believe our strategy to acquire a substantial amount of FET tokens will greatly enhance long-term value for TRNR shareholders.”
As part of this strategic partnership, Fetch.ai’s autonomous AI agents will be used to boost Interactive Strength’s AI-powered personal training platform. The custody and management of Interactive Strength’s FET holdings will be handled by the crypto custody firm BitGo.
The growing integration of AI and blockchain has become a notable trend in the crypto industry, with Interactive Strength’s move aligning with a broader increase in institutional investment in cryptocurrencies like Bitcoin and Ethereum.
