Forget Bitcoin: Publicly Traded Firm Building $500 Million Crypto Treasury With FET
Interactive Strength, based in Austin, Texas, is committing up to $500 million to acquire Fetch.ai (FET) tokens, diverging from the trend of holding Bitcoin. The company has secured an initial $55 million investment from ATW Partners and DWF Labs for this purpose. Interactive Strength aims to integrate Fetch.ai's technology into its fitness products, which include vertical climbing machines and connected fitness mirrors. The decision to focus on FET is based on its perceived growth, value, and utility within the company's product offerings. Acquisitions will occur in stages, starting with the initial funding. Improved legal and regulatory conditions in the U.S. are seen as making this crypto treasury strategy more viable. Meetings with Fetch AI CEO Humayun Sheikh and insights from a recent acquisition influenced the decision to establish a FET token treasury.
