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As Bitcoin adoption continues to increase day by day, many large companies have started purchasing $BTC, following in MicroStrategy's footsteps.
At this point, Nasdaq-listed fitness equipment manufacturer Interactive Strength (NASDAQ: TRNR) also announced that its board of directors allowed the purchase of up to $5 million in Bitcoin.
The giant company, which announced its attempt to purchase Bitcoin, this time made a surprise move of $500 million for an altcoin.
Accordingly, the company announced that it will raise $500 million to purchase $FET and establish an artificial intelligence partnership with Fetch.ai.
The company also announced that it has begun acquiring $FET tokens using an initial investment of $55 million from DWF Labs and ATW Partners.
Trent Ward, CEO of Interactive Strength, said:
“Fetch.ai is a market leader at the intersection of two of today's most important technology trends: artificial intelligence and crypto,
We believe that our strategy to acquire a significant number of $FET tokens can significantly accelerate our mission to create significant long-term value for TRNR shareholders.”
Under the deal, Interactive will become the largest U.S.-listed company with a crypto treasury focused on the Strength AI token.
Interactive Strength’s $FET treasury announcement comes amid a series of corporate treasury announcements embracing Bitcoin ($BTC), Etheruem (ETH), Solana (SOL) and other cryptocurrencies, spurred by the successful example of major bull Michael Saylor’s firm Strategy and its favorable conditions in the U.S.
*This is not investment advice.