Faraday Future, the Nasdaq-listed electric vehicle startup, announced plans to roll out a series of crypto-focused initiatives, including the creation of a digital asset treasury and tokenized vehicle sales.
In a statement on Sunday, the company said it will launch a “C10 (Crypto 10) Treasury” product, starting with a $30 million crypto purchase. Faraday Future believes the fund “could grow into the tens of billions” over time.
“The next decade could bring an extended bull run for the crypto market,” said Ian Calderon, the company’s co-creation officer and founding board member of the California Blockchain Working Group.
With this move, Faraday Future joins a growing list of publicly traded companies investing in digital assets—a trend that has poured billions into the sector and lifted share prices as Wall Street seeks greater exposure to crypto.
Faraday debuts cryptocurrency portfolio product
Faraday Future announced it is launching a “C10 Index,” a market-cap-weighted basket fund that tracks the top 10 cryptocurrencies, excluding stablecoins, and said it is also exploring the creation of an exchange-traded fund (ETF).
In addition to the index and ETF plans, the company will roll out a strategy to acquire the top 10 crypto assets, committing between $500 million and $1 billion in purchases, beginning with an initial $30 million tranche.
According to the firm, the treasury is intended to generate sustainable returns through staking yields, which could be used to support product innovation, potential stock buybacks, and future asset growth.
The company said it will also introduce an “EAI Vehicle Chain” to enable tokenized vehicle sales and crypto-based deposits. EAI, or Embodied AI, refers to artificial intelligence embedded within physical objects such as cars.
California State Treasurer Fiona Ma voiced her support for the initiative, noting that it “has the potential to strengthen our economy, generate high-quality jobs, draw top-tier investment, and promote sustainable development on a global scale.”
Faraday Future’s tumultuous past
Faraday Future’s shift toward crypto comes amid a challenging period for the company. Its stock has struggled following the 2016 halt of a $1 billion electric vehicle factory in Nevada, which delayed production of its flagship FF91 model.
As of January, the EV startup had reportedly delivered just 16 vehicles and has recently shifted focus to rebadging Chinese-made electric vans.
In July, Faraday Future revealed that the U.S. Securities and Exchange Commission issued a Wells notice—a warning of potential enforcement action—to founder Jia Yueting and president Jerry Wang. The notice follows a three-year fraud investigation centered on allegedly false statements made during the company’s 2021 SPAC merger.
Company shares slide
Faraday Future (FFAI) shares closed Friday down 7.6% at $2.77.
Despite the drop, the stock has seen strong performance this year, rising 75% over the past six months and delivering a 14% gain year-to-date, according to Google Finance.
