#holding

Faraday Future Dives into Crypto with C10 Index, While Tesla Holds Strong with Bitcoin

Faraday Future (NASDAQ: FFAI), once a promising Tesla rival, is making waves with a bold crypto strategy. The company launched the C10 Index, a market-cap-weighted crypto basket with $BTC (~50%) and $ETH (24%) leading the pack. FFAI has already invested $30M in crypto, with plans to scale up to $1B.

However, Faraday’s EV journey has been rocky. Since its 2014 founding and the 2016 FFZERO1 concept reveal, production delays and minimal deliveries have plagued the company. A 2021 SEC Wells notice tied to its SPAC merger didn’t help, and its stock has crashed 98% from its peak—a classic SPAC bust.

Meanwhile, Tesla, the 11th largest Bitcoin holder, sits on 11,509 BTC, stemming from its $1.5B purchase in February 2021 (not 2012, as misstated in some reports), which sparked a crypto bull run.

Can Faraday’s crypto pivot revive its fortunes, or is it a desperate swing? And how does Tesla’s steady Bitcoin bet compare? Share your thoughts! 🚗💸