Gunning for AI Dominance: Interactive Strength's $500M Bet on FET
In light of an $8.2 million firm experiencing a staggering 99.8% loss in its stock value, plans are afoot to pour a substantial $500 million into cryptocurrencies, with a 50% decline since January. One might ponder, what could potentially unfold?
The crypto world is abuzz with the latest move from Interactive Strength, a Nasdaq-listed company hailing from Austin, Texas. They've announced their intention to set up a massive crypto treasury, eyeing an investment of half a billion dollars in FET tokens from Fetch.ai. The catch? The actual, concrete investment stands at a cool $55 million so far - the remainder is yet to be secured.
More and more publicly-traded companies are dipping their toes into the crypto world, mimicking the strategies of MicroStrategy and Metaplanet. While most focus on Bitcoin, Interactive Strength is going all-in on altcoins, especially FET.
On June 11, 2025, Interactive Strength officially announced their Securities Purchase Agreement. They plan to invest exclusively in FET tokens, with private equity firm ATW Partners and crypto market maker DWF Labs supplying the initial funding of $55 million. Allegedly, Fet.ai has already delivered this sum.
This move propels Interactive Strength into the spotlight as a company with the world's largest AI token treasury. The CEO of Interactive Strength, Trent Ward, shares his enthusiasm:
"Fetch.ai is the pioneer at the crossroads of two vital technology trends today: AI and crypto. We're confident that acquiring a significant number of FET tokens will rapidly advance our mission to generate substantial long-term value for TRNR shareholders."
Fetch AI presents a semi-decentralized ecosystem for deploying AI agents. It emerged in the UK in 2019 and is known for its LLM that operates across various industries, executing real-world tasks such as parking lot search or goods booking, in addition to answering queries like other AI agents. Collaborating with Fetch, Interactive Strength aims to create an AI-based platform for personal training programs. The FET mainnet is built on the Cosmos blockchain.
Interactive Strength finds itself in an intriguing situation, with two pending acquisitions on the horizon (Sportstech and Wattbike) and a new crypto treasury in the works. The treasury will be managed via BitGo, and the reaction on crypto Twitter has been overwhelmingly positive, although FET's token rally was short-lived.
Interactive Strength's financial woes
News of acquisitions and groundbreaking crypto strategies might suggest a booming company. However, Interactive Strength, also known by its stock symbol TRNR, faces significant financial challenges.
TRNR made its market debut in 2023. Its value has been wildly volatile, swinging from $26,000 to $13,000 and back within weeks. Despite hitting a peak of over $28,300 on May 15, 2023, the stock price has been on a downward spiral since. As of June 12, 2025, it hovers below $1 per share, with Trading View charting a staggering 100% drop in the stock's all-time value. The company's market capitalization stands at $8.29 million, while its debt weighs in at a hefty $11.25 million. The reported total loss for Interactive Strength in 2024 amounted to over $34.85 million, alleviated slightly by improved performance in 2025 compared to the previous year's $51.6 million loss.
Critics argue that Interactive Strength's focus on crypto could be more about desperation than a well-thought-out strategy.
FET's downward spiral
Fetch AI has been a persistent player in the industry for some time, yet its FET token shows little signs of recovery. In the past 12 months, the price of FET has taken a significant dive, dropping 78%. Even the news of a potential $500 million investment failed to spark a significant revival. With prices fluctuating between 70 and 80 cents, it's hard to remain optimistic.
Fetch AI itself attempts to maintain morale, stating, "Utility over speculation." Steven Ehrlich of the Unchain podcast, however, questions the validity of the $500 million figure. Upon examining the agreement between the treasury sponsors and Interactive Strength, Ehrlich uncovers a clause revealing the structure of the deal involves an initial $55,555,555 investment and a possible $444 million extension, but this extension is not guaranteed.
All in all, while the news of Interactive Strength's crypto treasury may be an exciting development, the exact extent of their investment and its impact on FET and TRNR remain uncertain.
- Interactive Strength's focus on altcoins, particularly FET tokens, positions them as a trailblazer in the investment landscape, shifting away from the traditional Bitcoin focus.
- The $500 million investment in FET tokens by Interactive Strength is a strategy reminiscent of MicroStrategy and Metaplanet, with the aim of advancing their mission in AI and crypto technology.
- The recent move by Interactive Strength to secure a significant number of FET tokens has propelled them into the spotlight, placing them among companies with the world's largest AI token treasuries.
- The semi-decentralized ecosystem for AI agents created by Fetch AI, built on the Cosmos blockchain, will be leveraged by Interactive Strength to develop an AI-based platform for personal training programs.
- Despite the latest investment and strategic partnerships, Interactive Strength and its FET token holdings face uncertain future prospects, as questions emerge regarding the guaranteed $444 million extension of the investment and the struggling market performance of both FET and Interactive Strength's stock (TRNR).
