Faraday Future Bets on Bitcoin and Ethereum With New C10 Crypto Index
Faraday Future Launches – In a surprising twist, Faraday Future (NASDAQ: FFAI) has jumped headfirst into the world of cryptocurrency. Despite suffering a devastating 98% drop in its stock price, the struggling electric vehicle company has unveiled its own crypto investment strategy, raising eyebrows across both the auto and blockchain industries.
The company introduced the C10 Index, a market-cap-weighted crypto basket heavily dominated by Bitcoin, which alone makes up nearly 50% of the index. Ethereum (ETH) holds a 24% share, with the rest split among other top digital assets. Faraday has already invested $30 million into crypto and boldly plans to grow that number to as much as $1 billion.
A New Chapter for a Troubled EV Company
Founded in 2014, Faraday Future made waves with its futuristic FFZERO1 concept car in 2016, but the hype quickly faded amid production delays and minimal vehicle deliveries. The company’s credibility took another hit in 2021 when it received a Wells notice from the U.S. Securities and Exchange Commission (SEC) over its SPAC merger — a classic case in the rise and fall of post-SPAC hype.
Following in Tesla’s Footsteps?
While Tesla is still the 11th-largest corporate Bitcoin holder, with 11,509 BTC on its books, Faraday Future’s crypto push may be an attempt to replicate Tesla’s early influence on the digital asset market. In 2021, Tesla’s $1.5 billion Bitcoin purchase helped spark a major bull run.
Now, with one foot in the EV world and the other in the crypto space, Faraday Future is gambling on a digital comeback — even as its core business remains stalled.
Will this bold crypto pivot revive the company’s fortunes, or is it just another distraction from deeper problems? Time will tell.
