According to Odaily, fitness equipment manufacturer Interactive Strength has announced that its board of directors has approved the allocation of up to $5 million for purchasing Bitcoin. This amount is capped at 25% of the company's average daily cash holdings over the past three months. Previously, the company had expressed its intention to adopt Bitcoin as a reserve asset, citing the cryptocurrency's 'anti-inflationary characteristics' as a potential reliable asset with value storage capabilities.
Interactive Strength's CEO, Trent Ward, stated that this move aligns with the company's strategy, as Bitcoin continues to gain attention and recognition from investors as a major asset class. In addition to investing in Bitcoin, Interactive Strength plans to accept cryptocurrency payments, allowing customers to purchase its fitness products using digital currencies. These payments will also be retained in Bitcoin, mirroring the allocation strategy of the company's treasury reserves. Following this announcement, Interactive Strength's stock price surged by 11.4%.
