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AUSTIN - Interactive Strength Inc. (NASDAQ:TRNR), maker of specialty fitness equipment and currently valued at $8.1 million in market capitalization, announced Wednesday it has entered into a Securities Purchase Agreement to raise up to $500 million to acquire $FET tokens developed by Fetch.ai. According to InvestingPro data, the company has shown impressive revenue growth of over 445% in the last twelve months, despite facing significant financial challenges.
The company has already secured $55 million in initial funding from private equity firm ATW Partners and crypto market-maker DWF Labs. According to the company’s statement, this transaction is expected to result in TRNR having the largest publicly-listed crypto treasury focused on an AI-token. This move comes as InvestingPro analysis shows the company operating with negative gross margins and current short-term obligations exceeding liquid assets.
"Digital assets are rapidly becoming an essential part of global financial infrastructure and AI is the biggest technological leap in our lifetimes," said Trent Ward, CEO of TRNR.
As part of the deal, Fetch.ai will collaborate with TRNR to expand its digital fitness services, including development of an AI-driven personal training platform. Fetch.ai’s platform features a decentralized large language model designed for autonomous action.
$FET is currently ranked among the top-50 cryptocurrencies and top-5 AI-focused cryptocurrencies by market capitalization, according to coinmarketcap.com. TRNR will use BitGo for both trading and custody of its $FET holdings.
The investment comes as TRNR has two pending acquisitions of Sportstech and Wattbike. The company stated the crypto treasury strategy is expected to strengthen its financial flexibility and support its AI and digital fitness initiatives.
Interactive Strength, listed on NASDAQ under the ticker TRNR, produces fitness equipment under the CLMBR and FORME brands. The information in this article is based on a press release statement from the company.
In other recent news, Interactive Strength Inc. issued a convertible promissory note for $725,000 to S Interactive LLC, as reported in an SEC filing. The note features a 10% original issue discount and matures in 2027, accruing interest at an annual rate of 15%. Additionally, Interactive Strength announced dividends for its Series A and Series C Preferred Stock, distributing 47,332 and 21,584 shares, respectively. This issuance was conducted as dividends in kind, meaning shareholders received additional shares instead of cash.
The company is also in the process of acquiring Sportstech Brands Holding GmbH, which reported a 36% year-over-year revenue growth for April 2025, with revenue approximating $54 million. The acquisition includes Wattbike and is expected to close as early as the second quarter of 2025, pending approvals. Interactive Strength updated its investor FAQ to address inquiries about Sportstech’s financial performance, which has yet to be audited. These developments reflect Interactive Strength’s strategic moves to expand its market presence and product range.
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