The Board of Directors approved a maximum cumulative Bitcoin purchase of up to $5 million
The Company plans to accept payment in digital currencies
AUSTIN, TX / ACCESSWIRE / November 21, 2024 / Interactive Strength Inc. (NASDAQ:TRNR) ("TRNR" or "the Company"), maker of innovative specialty fitness equipment under the CLMBR and FORME brands, today announced that the Company's Board of Directors approved the purchase of up to $5 million in Bitcoin as limited by 25% of the Company's average daily cash holdings over the three preceding calendar months.
Trent Ward, Co-Founder and CEO of TRNR, said: "As Bitcoin continues to grow, gaining investor attention and acceptance as a major and primary asset class, we believe that Bitcoin will serve as a strong treasury reserve asset. We believe its inflation-resistant characteristics may make it a reliable asset as a functional store of value. The recent approval of Bitcoin ETFs and increasing activity from institutional investors are compelling demonstrations of growing acceptance."
In addition, the Company plans to accept certain cryptocurrency payments, giving customers the flexibility to purchase its products using digital currencies soon. As part of this initiative, the TRNR Board of Directors has approved to retain these crypto payments in Bitcoin in the same limits as its treasury reserve assets, reflecting the Company's confidence in the long-term potential and value of digital assets. The allocation reflects a strong commitment to enhancing shareholder value by leveraging Bitcoin's potential as a hedge against inflation and as a valuable component of a diversified treasury.
"We have a global business and we see a unique opportunity to increase the convenience for our customers and to strengthen our treasury with an innovative investment," continued Mr. Ward. "We believe Bitcoin aligns with our forward-thinking strategy and complements our mission to drive innovation across all aspects of our business."
Interactive Strength Inc. produces innovative specialty fitness equipment and digital fitness services under two main brands: 1) CLMBR and 2) FORME. Interactive Strength Inc. is listed on NASDAQ (symbol: TRNR).
CLMBR is a vertical climbing machine that offers an efficient and effective full-body strength and cardio workout. CLMBR's design is compact and easy to move - making it perfect for commercial or in-home use. With its low impact and ergonomic movement, CLMBR is safe for most ages and levels of ability and can be found at gyms and fitness studios, hotels, and physical therapy facilities, as well as available for consumers at home. .
FORME is a digital fitness platform that combines premium smart gyms with live virtual personal training and coaching to deliver an immersive experience and better outcomes for both consumers and trainers. FORME delivers an immersive and dynamic fitness experience through two connected hardware products: 1) The FORME Studio Lift (fitness mirror and cable-based digital resistance) and 2) The FORME Studio (fitness mirror). In addition to the company's connected fitness hardware products, FORME offers expert personal training and health coaching in different formats and price points through Video On-Demand, Custom Training, and Live 1:1 virtual personal training. .
SOURCE: Interactive Strength Inc.
