Electric vehicle startup Faraday Future plans to launch a multi-billion dollar cryptocurrency strategy.

CN
5 days ago

Electric vehicle startup Faraday Future announced that the company plans to launch several cryptocurrency-focused initiatives, including establishing a cryptocurrency treasury and offering tokenized vehicle sales.

Nasdaq-listed Faraday Future stated on Sunday that it will introduce the "C10 (Crypto 10) Treasury" product, with an initial purchase of $30 million in cryptocurrency, and hopes its scale "can reach billions of dollars."

"The next decade could become an ultra-long bull market cycle for the cryptocurrency market," said Ian Calderon, co-founder of Faraday Future and founding board member of the California Blockchain Working Group.

Faraday Future is the latest publicly traded company to plan the purchase of cryptocurrency, a trend that has attracted billions of dollars in funding and driven up company stock prices as Wall Street seeks exposure to crypto assets.

Faraday Future also announced it will launch a "C10 Index," a market-cap-weighted basket fund that tracks the top ten crypto assets, excluding stablecoins, and added that it is exploring the creation of an exchange-traded fund (ETF).

In addition to the index and ETF plans, the company will initiate a strategy to purchase the top ten cryptocurrencies and stated it will buy between $500 million and $1 billion in cryptocurrency, starting with the initial $30 million.

The company stated that the treasury aims to provide sustainable returns through staking yields, "which can fund product innovation, potential stock buybacks, and further asset growth."

Additionally, the company plans to launch the "EAI Vehicle Chain" for tokenized vehicle sales and cryptocurrency-based deposits. EAI stands for Embodied AI, referring to artificial intelligence being physically integrated into real objects (such as cars).

California State Treasurer Fiona Ma expressed support for the initiative, stating that the plan "has the potential to boost our economy, create high-quality jobs, attract top-tier investments, and drive global sustainability."

The company's shift towards cryptocurrency comes during a transitional period, as the construction of a $1 billion electric vehicle factory in Nevada was halted in 2016, leading to delays in the production of its flagship model, the FF91, which has pressured the company's stock price.

Reports indicate that as of January, the electric vehicle startup had only delivered 16 vehicles. Recently, the company has shifted to rebranding and selling electric vans manufactured in China.

In July, Faraday Future disclosed that the U.S. Securities and Exchange Commission issued Wells notices to the company's founder Jia Yueting and President Jerry Wang after a three-year fraud investigation, accusing them of making false statements during the company's SPAC merger in 2021 and threatening enforcement action.

Faraday Future's stock closed down 7.6% on Friday, at $2.77.

However, the stock has performed well this year. It has risen 75% over the past six months and has increased 14% year-to-date. Data from Google Finance.

Related: Former Twitter CEO Agrawal launches artificial intelligence (AI) startup

Original article: “Electric vehicle startup Faraday Future plans multibillion-dollar crypto strategy”

免责声明:本文章仅代表作者个人观点,不代表本平台的立场和观点。本文章仅供信息分享,不构成对任何人的任何投资建议。用户与作者之间的任何争议,与本平台无关。如网页中刊载的文章或图片涉及侵权,请提供相关的权利证明和身份证明发送邮件到support@aicoin.com,本平台相关工作人员将会进行核查。

C2C买币瓜分$30,000,注册永久返20%
Ad
Share To
APP

X

Telegram

Facebook

Reddit

CopyLink