Electric vehicle maker Faraday Future (NASDAQ: FFAI) is making a bold pivot into digital assets, outlining plans to build a crypto treasury, launch tokenized car sales, and roll out an index fund tracking major cryptocurrencies.
The Los Angeles-based startup announced Sunday that it will kick off the initiative with a $30 million purchase of digital assets, part of a planned “C10 (Crypto 10) Treasury” product. The company said the fund could eventually expand into the “tens of billions” and would be supported by staking yields to generate returns for product development, stock buybacks, and asset growth.
Today, Faraday Future launched the first-ever US-listed company #C10 Treasury plan and introduced the #C10 Index.
Phase 1: $500M–$1B allocation, with the first $30M expected to start next week — long-term vision: $10B scale.
This marks the start of our “EAI + Crypto”… pic.twitter.com/EE59z5RUVh— Faraday Future (@FaradayFuture) August 17, 2025
As part of the strategy, Faraday Future will also introduce a “C10 Index”, a market-cap-weighted basket fund covering the top 10 cryptocurrencies, excluding stablecoins. The firm revealed that it is exploring the creation of an ETF and intends to directly purchase $500 million to $1 billion worth of crypto, beginning with its initial $30 million tranche.
Beyond treasury management, the company plans to launch the “EAI Vehicle Chain”, which will enable tokenized vehicle sales and crypto-based deposits. EAI, or Embodied AI, refers to artificial intelligence embedded into real-world products such as vehicles.
California State Treasurer Fiona Ma praised the move, saying it could stimulate the economy, create jobs, attract top-tier investors, and advance sustainable development worldwide.
The crypto push comes during a turbulent period for Faraday Future. The company has struggled with production delays since halting a $1 billion Nevada factory project in 2016. As of January, the firm had reportedly delivered only 16 units of its flagship FF91 EV and has more recently shifted focus to rebadging Chinese-made electric vans.
The challenges have also attracted regulatory scrutiny. In July, Faraday disclosed that the U.S. Securities and Exchange Commission (SEC) issued Wells notices to founder Jia Yueting and president Jerry Wang, tied to a three-year investigation into allegedly misleading statements made during the company’s 2021 SPAC merger.
Meanwhile, Pantera Capital recently committed $300 million to companies holding large crypto treasuries, arguing that their performance could outpace traditional crypto exchange-traded funds (ETFs).
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