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.
