Interactive Strength Inc. (TRNR), a U.S.-based company specializing in the production of fitness equipment, has unveiled plans to create what may become the largest publicly listed cryptocurrency treasury in the United States, focusing on an AI-related token.

The company aims to raise up to $500 million via a securities purchase agreement. The funds raised will be utilized to acquire Artificial Superintelligence Alliance (FET) tokens tied to the Fetch.ai project. According to the official announcement, this initiative commenced with an initial $55 million investment from ATW Partners, a private equity firm, and DWF Labs, a Web3-focused investment and market-making entity. This marked the initial stage of TRNR's plan to accumulate a substantial amount of FET tokens.

To ensure the security of its holdings, TRNR has collaborated with BitGo, a leading cryptocurrency custodian, to oversee and conduct transactions related to its FET assets. The aim is to improve the company's financial adaptability while aligning with TRNR's goals in AI and digital fitness. Additionally, this approach seeks to provide shareholders with increased exposure to emerging growth assets.

Notably, as part of the agreement, Fetch.ai will join forces with TRNR to enhance digital fitness solutions and expedite the development of an AI-driven personal training platform.

This move places FET among other altcoins like Solana (SOL), Ethereum (ETH), XRP (XRP), and Bittensor (TAO) that are gaining attention in the growing trend of establishing crypto treasuries.

Although the announcement was made, FET, which ranks as the fourth-largest AI token according to CoinGecko, did not exhibit an immediate price increase. In fact, over the last day, the value of the altcoin dropped by 6.9%. At the time of reporting, it was trading at $0.75.

Crypto analyst and investor Ted Pillows remains optimistic about the potential for recovery. In a recent post on X (formerly known as Twitter), Pillows pointed out that FET appears to be nearing a breakout point and could potentially rise above $1.

In the meantime, TRNR's stock exhibited a pump-and-dump pattern following the news, with share prices surging initially before retracting. As of the time of writing, the stock price was at $0.91, representing a 21.3% decline from the peak after the announcement.

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