Interactive Strength Inc (NASDAQ:TRNR) shares are trading higher by 20% to $4.34 Thursday morning after the company announced plans to integrate Bitcoin (CRYPTO: BTC) into its financial strategy.
What Happened: The company's Board of Directors has approved the purchase of up to $5 million in Bitcoin, subject to a cap of 25% of the company's average daily cash holdings over the past three months.
Co-Founder and CEO Trent Ward highlighted Bitcoin's appeal as an inflation-resistant asset and its growing acceptance among investors.
Ward pointed to the rise of Bitcoin ETFs and increased institutional adoption as signals of the cryptocurrency's mainstream viability. "Bitcoin's potential as a store of value and hedge against inflation makes it a compelling addition to our treasury," Ward stated.
Beyond investment, Interactive Strength plans to accept cryptocurrency payments for its products. The company will retain these payments in Bitcoin.
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According to data from Benzinga Pro, TRNR has a 52-week high of $4,760.00 and a 52-week low of $2.50.
