Nov. 21 at 7:07 PM
$TRNR In October, after the quarter ended, there was a volatile move in the crypto market and in the price of
$FET. Due to this significant decrease in value, one of the investors from the June 2024 transaction elected to liquidate their portion of
$FET.X tokens that were underlying their convertible note, and also the relevant backstop tokens from Fetch.ai, i.e., the insulating mechanism that was a part of the transaction to protect TRNR from a material decrease in price of
$FET. They sold approximately
$19 million of
$FET.X tokens and
$20 million of principal of the convertible note was paid down with those proceeds.
Importantly, the original digital-asset strategy achieved its primary purpose: it enabled TRNR to access working capital that has helped accelerate Sportstech’s growth, including the inventory availability that has driven Sportstech’s stronger-than-expected performance this year.
