Faraday Future Announces Crypto Treasury Plan and Launches Crypto 10 Index Product.
The electric vehicle startup Faraday Future, listed on Nasdaq, has attracted attention by announcing a series of cryptocurrency initiatives, including establishing a crypto Treasury, launching the C10 Index product, and implementing a vehicle sales model tokenized as tokens.
According to Sunday's announcement, Faraday Future stated that the company will build a "C10 (Crypto 10) Treasury", with an initial plan to purchase 30 million USD in cryptocurrencies. The company expects the product's scale could grow to tens of billions of USD in the future. Mr. Ian Calderon – Co-Founder and Director of Faraday Future and founding member of the California Blockchain Working Group – noted: "The next decade could be an extremely long price appreciation cycle for the crypto market."
This move makes Faraday Future the newest name in the list of US public companies directly investing in cryptocurrencies, following a trend that previously helped many companies attract billions of dollars in capital and create a boost for stock prices on Wall Street.
Not stopping at the Treasury, Faraday Future also announced the launch of the "C10 Index", an index fund tracking the top 10 cryptocurrencies by market capitalization (excluding stablecoins). In parallel, the company said it is studying the deployment of a crypto ETF and a direct investment strategy from 500 million USD to 1 billion USD, starting with an initial disbursement of 30 million USD.
Faraday Future affirmed that this cryptocurrency Treasury will provide sustainable returns through staking activities, which can be used to fund product innovation projects, share buyback programs, or expand assets. Additionally, the company also revealed plans to develop the "EAI Vehicle Chain" – a platform that allows vehicle sales to be tokenized, deposits made in cryptocurrencies, and integrates Embodied AI into new generation electric vehicles.
Notably, this plan received support from Ms. Fiona Ma – California State Treasurer, who emphasized that Faraday Future's initiative could "boost the economy, create high-quality jobs, attract international investment, and contribute to global sustainable development."
However, this shift towards crypto occurs while Faraday Future still faces many challenges. The company previously stopped building a 1 billion USD electric vehicle factory in Nevada in 2016, causing the FF91 project to be delayed. As of January 2025, the company has only delivered 16 vehicles and recently had to switch to re-labeling electric vehicles manufactured in China.
Additionally, in July, Faraday Future revealed that the US Securities and Exchange Commission (SEC) had sent a Wells notice – a warning about potential litigation – to founder Jia Yueting and Chairman Jerry Wang, related to a three-year fraud investigation about misleading statements in the 2021 SPAC transaction.
