Faraday Future Unveils Crypto Treasury and Tokenized Vehicle Plans

Electric vehicle startup Faraday Future is entering the digital asset space with an ambitious set of crypto-focused initiatives. The Nasdaq-listed company announced plans to create a crypto treasury, launch a new index product, and introduce tokenized vehicle sales as part of its broader strategy to diversify revenue streams.

Faraday Future to Build a Crypto Treasury and Index Fund

Faraday Future said on Sunday that it will establish a “C10 (Crypto 10) Treasury” with an initial $30 million purchase of cryptocurrencies. The company hopes the treasury could eventually expand to “tens of billions in size.” 

According to Ian Calderon, Faraday’s co-creation officer and a founding board member of the California Blockchain Working Group, the firm believes the next decade may bring an “extended bull cycle” for digital assets.

The company also revealed plans for a “C10 Index,” a market-cap-weighted basket tracking the top 10 cryptocurrencies, excluding stablecoins. Alongside the index, Faraday is exploring the possibility of launching an exchange-traded fund (ETF). As part of its strategy, the firm intends to invest $500 million to $1 billion in crypto over time, beginning with its $30 million tranche.

Faraday Future said the treasury is designed to generate sustainable returns through staking yields, which could help fund product innovation, potential stock buybacks, and asset growth.

Tokenized Vehicle Sales and Industry Support

Beyond financial products, the company plans to roll out an “EAI Vehicle Chain” that will enable tokenized car sales and crypto-based deposits. “EAI,” or Embodied AI, refers to artificial intelligence integrated into physical products like vehicles, a core theme of Faraday’s vision for future mobility.

California State Treasurer Fiona Ma welcomed the move, saying the plan could “boost the economy, create high-quality jobs, attract global investment, and promote sustainable development worldwide.”

The crypto pivot comes as Faraday Future navigates a challenging business environment. The company’s stock has struggled following its decision to halt construction of a $1 billion Nevada factory in 2016, which delayed production of its flagship FF91 model. 

To date, Faraday has delivered only 16 vehicles, while recently shifting focus toward rebadging Chinese-made vans.

The company also faces ongoing regulatory scrutiny. In July, Faraday disclosed that the U.S. Securities and Exchange Commission (SEC) issued a Wells notice to founder Jia Yueting and president Jerry Wang. This was a result of a three-year investigation into alleged false statements during the company’s 2021 SPAC merger.