Nasdaq-listed Faraday Future said it will create a “C10 Treasury” with an initial $30 million crypto investment, which it hopes could scale to tens of billions. The company also announced the launch of a “C10 Index,” a basket fund tracking the top 10 cryptocurrencies (excluding stablecoins), with the longer-term goal of creating an ETF.
Alongside the index, Faraday plans to buy between $500 million and $1 billion worth of the top 10 cryptocurrencies, starting with its initial $30 million tranche. Staking yields from the treasury will be used to support innovation, stock buybacks, and balance sheet growth.
The EV startup also revealed plans for an “EAI Vehicle Chain,” enabling tokenized car sales and crypto-based deposits. “The next decade could be a super long bull cycle for the crypto market,” said Ian Calderon, Faraday Future’s co-creation officer.
California State Treasurer Fiona Ma endorsed the initiative, calling it a move that could create jobs, attract investment, and strengthen economic growth.
The push into crypto comes as Faraday faces headwinds. Once valued as a Tesla rival, the firm halted construction of a $1 billion Nevada factory in 2016 and has since delivered only a handful of its FF91 vehicles. In July, the SEC issued a Wells notice to founder Jia Yueting and president Jerry Wang over alleged misstatements tied to its 2021 SPAC merger.
For Faraday, crypto may represent a lifeline — or a last gamble.
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