--- title: "Digital Wave Finance — DWF’s unnamed affiliate and Interactive Strength: the actual financing terms" language: en canonical: https://dossiertwist.com/dossiers/digital-wave-finance/interactive-strength-note-financing/ as_of: 2026-10-07 keywords: ["Digital Wave Finance","DWF Labs","Darley Technologies","Turcapital","crypto market making","Swiss governance"] --- # Digital Wave Finance — DWF’s unnamed affiliate and Interactive Strength: the actual financing terms **Question.** Was the Swiss company proved to have lent US$500 million? **Answer.** The filing describes US$50 million paid jointly by two affiliated investors for discounted notes, plus potential additional issuance. The exact DWF-affiliated lender is not identified in the retained passage. ## The unnamed affiliated investor and actual initial funding - Analysis: Interactive Strength’s SEC-filed prospectus describes a 10 June 2025 financing involving the issuer and its wholly owned Treasury subsidiary as borrowers, and unnamed entities affiliated with DWF Labs and ATW Partners as investors. Together they paid US$50 million for notes with US$55,555,555 principal, a 10% original-issue discount, 12% interest and an eighteen-month maturity. The agreement also allowed additional notes up to US$444,444,445 principal. The notes could convert into issuer shares or exchange into FET tokens under specified conditions. [s-d165] - Qualification: The filing does not allocate the entire initial funding to DWF or name the exact DWF-affiliated lender in this passage. Potential additional issuance is not cash already advanced. The accepted graph therefore uses a separately identified unnamed DWF-affiliated investor, rather than assigning a US$500 million loan to the Swiss AG or Singapore company. The embedded balance is explicitly dated August 2025 even though the prospectus was filed later. ## Sources - [s-d165] Company statement concerning Digital Wave Finance or the identified participant, US Securities and Exchange Commission