How Interactive Strength erased a $50M FET token bet and sent common shareholders to the back of the line

Interactive Strength's crypto treasury of FET tokens was liquidated in late 2025. On July 28, the company paid a dividend with 619,584 preferred shares, preserving cash and putting $1.239 million of minimum base liquidation preference ahead of common holders.An 8-K filed July 31 breaks out 281,344 Series A shares and 338,240 Series C shares. The issue lifted the outstanding totals to 4,696,089 Series A and 3,187,097 Series C. Compared with the counts immediately before the distribution, Series A grew 6.37% and Series C 11.87%.Preferred stock ranks ahead of common equity in a liquidation. Each series starts with a $2 original issue price, adjusted for recapitalizations. Series A compounds an 8% cumulative dividend annually. Series C compounds at 15% and ranks ahead of Series A, Series B, and common stock.The new Series A shares carry $562,688 of base preference and about $45,015 of first-year dividend accrual. Series C adds $676,480 and $101,472. The combined tab comes to $1,239,168 of minimum base preference, plus roughly $146,487 for a full first year before compounding. Those amounts describe equity priority and accrued dividends. Cash generally changes hands only when the board ...