Global law firm K&L Gates LLP has provided legal guidance to Fetch.ai, an AI company, in a significant transaction within the cryptocurrency market. Interactive Strength Inc., known for its specialty fitness products, has entered into a Securities Purchase Agreement to raise up to $500 million. This capital will be used to acquire $FET tokens, which are developed by Fetch.ai and represent a leading AI digital asset. The transaction is anticipated to make Interactive Strength the largest publicly listed entity with a crypto treasury focused on an AI-token. Additionally, Fetch.ai will work with Interactive Strength to integrate its digital fitness services into an AI-driven personal training platform.
The team from K&L Gates was led by Ed Dartley, partner of New York Asset Management and Investment Funds. The team also included partners Rich Kerr from Boston, Aaron Rothman from Charlotte, Jonathan Barron from New York, as well as associate Devon Poage from Dallas and associate Benjamin Augugliaro from New York.
“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,” said Dartley. “Fetch’s participation in this deal with Interactive Strength will set a precedent for the emergence of digital tokens in corporate finance.”
Humayun Sheikh, CEO of Fetch.ai, expressed satisfaction with the collaboration: “We’re extremely pleased to work with K&L Gates on this critically important transaction.” He further explained that 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 create and monetize independent AI tools for various applications.
Fetch.ai’s platform includes what it claims is the world’s first decentralized LLM designed for autonomous action rather than just content generation. It supports AI agents that optimize sectors such as medical research, energy management, logistics, and finance. Fetch.ai is not only the original issuer of $FET but also a member of the Artificial Superintelligence Alliance.