Update June 11, 12:31 pm UTC: This article has been updated to include quotes from Trnet Ward, the CEO of TRNR.
Interactive Strength (TRNR), a Nasdaq-listed fitness equipment manufacturer, is launching what it claims to be the worldโs first artificial intelligence cryptocurrency treasury, signaling growing interest in Web3 among different industries.
Interactive Strength, the maker of the CLMBR and FORME fitness equipment, has entered into a Securities Purchase Agreement to raise up to $500 million in capital to acquire Fetch.ai (FET) tokens, according to a June 11 announcement shared with Cointelegraph.
The deal will make Interactive Strength the holder of the worldโs largest corporate AI token treasury, the company claims.
Interactive Strength has already started acquiring FET tokens with an initial $55 million investment from private equity firm ATW Partners and crypto market maker DWF Labs.
The firm has not disclosed the exact amount invested so far, but said it is committed to โfull transparencyโ as it prepares to share the full details in a US Securities and Exchange Commission filing.
AI is the โbiggest technological leap in our lifetime,โ said Trnet Ward, the CEO of TRNR.
โWe believe our strategy to acquire a significant number of FET tokens could dramatically accelerate our mission to create significant long-term value for TRNR shareholders,โ he added.
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Fetch.ai developed the worldโs first decentralized large language model (LLM) for autonomous AI actions within critical industries, including medical research, energy and finance.
The platformโs inherent decentralization was a significant benefit for the fitness manufacturer, Ward told Cointelegraph, adding:
โOur belief is that decentralized AI infrastructure offers a competitive edge in terms of scalability, data privacy and community-driven innovation.โ
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Fitness industry โripeโ for AI automation
The fitness industry could benefit from implementing the automation capabilities of AI agents.
โThe fitness sector is ripe for intelligent automation, from adaptive workout plans to real-time form correction and AI-enhanced coaching,โ Ward told Cointelegraph, adding:
โWeโve entered into a strategic technology partnership with Fetch.ai to co-develop AI agents that will power personalized fitness and training services at scale.โ
โThis isnโt a pivot away from our core offering, itโs an evolution within it,โ explained Ward, adding that early shareholders saw this as a โhigh-upside, forward-looking bet that complements our existing value proposition.โ
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