FET Treasury Liquidation Leaves Common Shareholders Behind

Interactive Strength's crypto treasury of FET tokens was liquidated in late 2025. The company had built the treasury using $55.56 million of senior secured convertible exchangeable notes, sold for $50 million.

The deal carried a 10% original issue discount and 12% annual interest, with a lien over treasury-subsidiary assets expected to consist of custodied FET tokens.

By the fourth quarter of 2025, the treasury had run its course. The company paid a dividend using 619,584 preferred shares on July 28, preserving cash and putting $1.239 million of minimum base liquidation preference ahead of common holders.

This prioritized preferred shareholders over common equity in a liquidation. Series A shares, which compound an 8% cumulative dividend annually, ranked ahead of Series C shares, which compounded at 15%. The new Series A shares carry $562,688 of base preference and about $45,015 of first-year dividend accrual.