Interactive Strength's FET Token Treasury Liquidated in $50M Bet
Interactive Strength's FET token treasury was liquidated in late 2025 after its crypto assets ran their course. The company had built the treasury using $55.56 million of senior secured convertible exchangeable notes sold for $50 million, with a 10% original issue discount and 12% annual interest.
The deal carried a lien over treasury-subsidiary assets expected to consist of custodied FET tokens. By the fourth quarter of 2025, the treasury had been fully liquidated, with all digital assets sold and the FET pledge removed by year-end.
As part of the liquidation process, Interactive Strength issued a dividend in July 2026 using 619,584 preferred shares. This preserved cash and put $1.239 million of minimum base liquidation preference ahead of common holders.