Forget Bitcoin: Publicly Traded Firm Building $500 Million Crypto Treasury With FET

As companies and governments consider adding Bitcoin to their treasuries, Austin, Texas-based Interactive Strength is taking a different route—committing up to $500 million to buy Fetch.ai ($FET) tokens as part of a targeted cryptocurrency strategy.

Rather than following the trend of holding Bitcoin as a hedge or brand signal, Interactive Strength is tying its crypto strategy directly to its AI integration roadmap, announcing the close of an initial $55 million investment by private equity firm ATW Partners and crypto market maker DWF Labs that will be used to acquire $FET.

“This is a $500 million targeted allocation to open market purchases of the $FET token,” Interactive Strength co-founder and CEO Trent Ward told Decrypt in an interview. “None of that capital is going to other tokens.”

Founded in 2017, Interactive Strength produces fitness equipment and digital training products, including vertical climbing machines and connected fitness mirrors. Interactive Strength became publicly traded in 2023, when its shares (TRNR) began trading on the Nasdaq.

Fetch.ai is a blockchain-based platform that develops decentralized AI tools, and is a founding member of the Artificial Superintelligence Alliance, alongside SingularityNET and Ocean Protocol. $FET serves as the native token supporting the alliance’s shared AI infrastructure.

Ward said the choice of $FET, rather than a more widely held asset such as Bitcoin, reflected the company’s plan to incorporate Fetch.ai’s technology into its product offerings.

“We think there’s real growth, value, and utility in the token,” he said. “We expect to develop products using Fetch’s technology, so we need the token for its utility on the platform. Buying it early and involving investors allows us to reduce costs and execute more effectively.”

Ward said the company will acquire $FET tokens in stages, beginning with $55 million from the initial funding. Interactive Strength will release additional stock allotments over time for direct market purchases.

A former investment banker and hedge fund professional, Ward said that improving legal and regulatory conditions in the United States, following the 2024 presidential election, made the crypto treasury strategy more viable from a compliance perspective.

“Our lawyers are now much more relaxed than when we first started discussing this,” he said, acknowledging the growing corporate fascination with cryptocurrency. “The market appears to support the notion that there is a premium on equity value associated with crypto treasury strategies.”

Ward said a meeting with Fetch AI CEO Humayun Sheikh and recent acquisitions helped inform the decision to launch a $FET token treasury.

“Meeting with Humayun and the Fetch team clarified how their technology could enhance our offerings,” he said. “Meanwhile, the German company we're acquiring, SportsTech, was already using AI in its products. Seeing those tools in action demonstrated their value and helped us connect the dots—this was the right move for us.”

Edited by Andrew Hayward