Faraday Future, a prominent electric vehicle startup listed on Nasdaq, is embarking on an ambitious crypto-centered journey with plans to invest heavily in digital assets.
Initially, the company aims to acquire $30 million worth of cryptocurrencies, signaling the start of a much larger strategy envisioned to scale up to tens of billions in value. This move underscores Faraday Future’s vision to integrate innovative Web3 and AI mobility solutions.
The company revealed intentions to establish a “C10 (Crypto 10) Treasury,” a product designed to manage and grow its cryptocurrency holdings. This treasury is expected to generate sustainable returns through staking yields, potentially financing product development, stock buybacks, and asset expansion.
Along with investment plans, Faraday Future is launching a “C10 Index,” a market-cap-weighted basket fund that tracks the top 10 cryptocurrencies, deliberately excluding stablecoins to focus on dynamic assets. The company is also investigating the feasibility of introducing a crypto exchange-traded fund (ETF) to facilitate broader market participation.
Another innovative initiative is the development of the “EAI Vehicle Chain,” a platform to enable tokenized vehicle sales and facilitate crypto-based deposits. EAI, short for Embodied AI, integrates artificial intelligence directly into physical objects, such as vehicles, promising cutting-edge tech synergy.
Ian Calderon, Faraday Future’s co-creation officer and a founding member of the California Blockchain Working Group, expressed optimism about the crypto market, forecasting a prolonged bull cycle in the next decade.
While Faraday Future’s pivot toward crypto is a strategic expansion, it unfolds amid a challenging business period marked by previous operational setbacks. The EV manufacturer faced halted projects and production delays, impacting shares and deliveries. Nonetheless, its stock has shown remarkable resilience, gaining significant value in recent months.
This bold adoption of crypto assets situates Faraday Future among a growing number of publicly traded companies exploring digital treasures to diversify and enhance financial strategies in the evolving market landscape.
