Nasdaq-listed fitness equipment manufacturer Interactive Strength (TRNR) has announced the launch of what it claims to be the world's first artificial intelligence cryptocurrency reserve, showcasing the growing interest in Web3 across different industries.
Interactive Strength, the manufacturer of CLMBR and FORM fitness equipment, has signed a securities purchase agreement to raise up to $500 million for the purchase of Fetch.ai (FET) tokens, according to an announcement shared with Cointelegraph on Wednesday.
The company claims that this transaction will make Interactive Strength the largest corporate holder of AI tokens globally.
Interactive Strength has begun purchasing FET tokens through an initial $55 million investment from private equity firm ATW Partners and cryptocurrency market maker DWF Labs.
The company has not disclosed the amount invested to date but stated its commitment to "full transparency" and is prepared to share complete details in filings with the U.S. Securities and Exchange Commission (SEC).
TRNR CEO Trent Ward stated that AI is "the biggest technological leap of our lifetime."
He added, "We believe that the strategy of acquiring a significant amount of FET tokens could greatly accelerate our mission to create substantial long-term value for TRNR shareholders."
Fetch.ai has developed the world's first decentralized large language model (LLM) for autonomous AI actions in critical industries such as medical research, energy, and finance.
Ward, in an interview with Cointelegraph, noted that the platform's inherent decentralization is a significant advantage for the fitness manufacturer, adding:
"Our belief is that decentralized AI infrastructure provides a competitive edge in scalability, data privacy, and community-driven innovation."
The fitness industry can benefit from the automation capabilities of implementing AI agents.
Ward stated in the Cointelegraph interview, "The fitness industry is very well-suited for intelligent automation, from adaptive workout programs to real-time form correction and AI-enhanced coaching services." He added:
"We have established a strategic technology partnership with Fetch.ai to jointly develop AI agents that will provide personalized fitness and training services at scale."
Ward explained, "This is not a pivot away from our core products, but rather an evolution within them." He added that early shareholders view this as a "high-potential, forward-looking bet that complements our existing value proposition."
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Original: “Nasdaq-listed Interactive Strength partners with Fetch.ai to launch $500 million AI token reserve”
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