As Bitcoin adoption continues to increase day by day, many large companies have started purchasing BTC, following in MicroStrategy's footsteps.
The latest news on this point came from Nasdaq-listed fitness equipment manufacturer Interactive Strength.
According to the announcement, the board of directors of Interactive Strength (NASDAQ: TRNR) has authorized the purchase of up to $5 million worth of Bitcoin.
Interactive Strength announced in its official statement that its Board of Directors has authorized the maximum purchase of up to $5 million in Bitcoin.
This purchase will be limited to 25% of the company's average daily cash assets over the previous three calendar months.
Trent Ward, Co-Founder and CEO of Interactive Strength, said:
“As Bitcoin continues to grow, capture the attention of investors, and gain acceptance as a major and primary asset class, we believe Bitcoin will serve as a strong treasury reserve asset.
We believe its inflation-resistant properties could make it a reliable asset as a functional store of value. Recent approvals of Bitcoin ETFs and increased activity from institutional investors are compelling indicators of growing adoption.
We believe Bitcoin aligns with our forward-thinking strategy and complements our mission to drive innovation across all aspects of our business.”
The company also said it plans to accept certain cryptocurrency payments. At this point, the company said customers will soon be able to purchase products using cryptocurrency and crypto payments will be made in Bitcoin.
*This is not investment advice.