The C10 Index tracks the top ten cryptocurrencies globally (excluding stablecoins), including mainstream assets like Bitcoin, Ethereum, and Solana.
Written by: 1912212.eth, Foresight News
On August 17, Jia Yueting's Faraday Future (FF) announced the launch of the 'C10 Index' and the 'C10 Treasury' product based on this index, officially entering the cryptocurrency asset field. As the first cryptocurrency asset basket portfolio index treasury plan by a publicly listed company in the United States, it has attracted considerable market attention. FF stated that this strategy aims to build a dual flywheel and dual bridge ecosystem of 'EAI + Crypto', deeply integrating artificial intelligence mobility (EAI) with Web3 technology, promoting the full Web3 transformation of the mobility industry.
The C10 Index tracks the top ten cryptocurrencies globally (excluding stablecoins), including mainstream assets like Bitcoin, Ethereum, and Solana.
On the other hand, the C10 Treasury adopts an 80% passive and 20% active investment model to ensure sustainable returns. According to its official website, FF will use dedicated financing funds specifically to purchase cryptocurrency assets, implying that securing funding is crucial. If fundraising fails, everything will collapse. FF needs to raise funds from the market and use that capital to purchase cryptocurrency assets. The first phase goal is to acquire $500 million to $1 billion in cryptocurrency assets after securing necessary funding, with an initial allocation of $30 million expected to start this week. The long-term vision is to expand to a scale of $10 billion and achieve compound growth through staking returns.
FF is establishing a wholly-owned subsidiary named FFAI Cryptocurrency Treasury and Bridging Holdings Inc. to engage in cryptocurrency business.
FF officially stated in the announcement that this strategy aims to optimize Faraday Future's profit and loss statement, balance sheet, and cash flow situation by utilizing on-chain assets as both reserves and flexible capital. This strategy enables Faraday Future to obtain stable staking returns, potentially reducing dependence on high-cost financing and enhancing asset net value and structure. Faraday Future's cryptocurrency and electric vehicle business plans to operate under independent legal and financial frameworks to facilitate risk isolation, operational independence, and asset transparency. Digital assets will be held by third-party custodians and can be fully verified on-chain.
Overall, the returns from the C10 Treasury can be used to fund product innovation, stock buybacks, or even apply for a cryptocurrency ETF license. This is not only a financial strategy but also an ecological layout: FF plans to put EAI EV assets on-chain, creating application scenarios that combine mobility, blockchain, and cryptocurrency. Jia Yueting's personal experiences have also influenced this decision — after the collapse of LeEco, he understands the importance of cash flow, and this shift towards cryptocurrency may inject a 'compound interest effect' into FF, positioning it as a 'crypto version of the S&P 500'.
In addition, amidst the global cryptocurrency boom, this move can enhance FF's brand exposure and attract crypto investors. FF has also enlisted some local dignitaries to support its cryptocurrency asset strategy, with California State Treasurer Fiona Ma delivering a speech via video to express her support for the company's new strategy.
In the first half of 2025, FF plans to stabilize operations through equity financing and partner investments. The launch of this cryptocurrency strategy is seen as Jia Yueting's new attempt at a 'comeback', which he promoted on Twitter, stating that it would 'magnify shareholder and industry value'.
Its stock price has risen from a low of $0.83 at the beginning of this year to a peak of $3.6, an increase of over 400%.
From LeEco to Faraday Future
Jia Yueting's entrepreneurial journey has been full of twists and turns. During the LeEco era, Jia Yueting built an internet empire based on the idea of 'ecological explosive growth', but in 2017, LeEco's cash flow crisis led to him accruing massive debts and fleeing to the United States to escape creditors, falling from a successful entrepreneur to a publicly criticized 'debtor'.
After that, he repeatedly promised to 'return to the country next week' but failed to deliver, facing significant public criticism.
In 2019, Jia Yueting filed for personal bankruptcy restructuring in the United States to resolve over $3.6 billion in debt. In recent years, he has served as the founder and co-CEO of FF, focusing on the company's revival. FF has faced challenges such as production delays and funding shortages, but began delivering the FF 91 model in 2023 and plans to launch a more affordable FF 81 series in 2024. Despite significant stock price volatility and a drop in market capitalization, Jia Yueting insists on positioning as a 'disruptor', emphasizing the integration of AI and electric mobility.
The electric vehicle industry is highly competitive, dominated by giants like Tesla and Rivian, and FF needs to innovate and break through. FF is seeking diversified financing channels to support its high R&D costs. Jia Yueting stated that the 'dual flywheel' strategy will connect the electric vehicle industry with crypto capital, forming a positive cycle through the appreciation effect of cryptocurrency assets.
It is worth mentioning that in July this year, FF also announced a strategic partnership with the digital asset infrastructure platform HabitTrade to enter the RWA market for tokenizing FF assets. In short, this involves using the promise of selling cars to 'exchange for USDT financing', promising to return to investors in the future in the form of 'revenue rights tokens'. However, the core issue returns to: when can FF deliver the cars? In the 10-K form submitted to the SEC on March 31, 2025, FF stated that factors such as company debt and product delivery carry uncertainties and risks.
Jia Yueting's recent bold moves in RWA and cryptocurrency treasury face risks: the cryptocurrency market is highly volatile, and if FF encounters cash flow issues again, it could exacerbate its debt burden. However, if successful, it would enhance FF's brand image and promote the crossover integration of electric vehicles and cryptocurrency. Jia Yueting's dreamer label may find new life in the cryptocurrency era.
