Global law firm K&L Gates LLP advised AI company Fetch.ai in a precedent-setting transaction in the cryptocurrency market. Interactive Strength Inc., a maker of innovative specialty fitness, entered into a Securities Purchase Agreement to raise up to $500 million in capital to acquire $FET tokens, a leading AI digital asset developed by Fetch.ai. This transaction is expected to result in Interactive Strength having the largest publicly listed crypto treasury focused on an AI-token. As part of the deal, Fetch.ai will collaborate with Interactive Strength to expand its digital fitness services into, e.g., an AI-driven personal training platform.
The K&L Gates team was led by New York Asset Management and Investment Funds partner Ed Dartley and included Boston partner Rich Kerr, Charlotte partner Aaron Rothman, New York partner Jonathan Barron, Dallas associate Devon Poage, and New York associate Benjamin Augugliaro.
"We're very glad to have advised our client Fetch.ai in this groundbreaking transaction, which is reflective of Fetch's cutting-edge role in the worlds of AI and digital assets," Dartley said. "Fetch's participation in this deal with Interactive Strength will set a precedent for the emergence of digital tokens in corporate finance."
"We're extremely pleased to work with K&L Gates on this critically important transaction," said Humayun Sheikh, CEO of Fetch.ai. "Unlike traditional models that generate isolated responses, Fetch.ai's ecosystem is built on autonomous agents that can interact, collaborate, and transact in real time, enabling users to build and monetize AI tools that operate independently for a wide variety of uses cases."
Fetch.ai's platform features the world's first decentralized LLM designed for autonomous action, not just content generation, and powers AI agents that optimize critical industries – from medical research and energy to logistics and finance. Fetch.ai is the original issuer of $FET and a member of the Artificial Superintelligence Alliance.