Original author: 1912212.eth, Foresight News

On August 17, Jia Yueting's Faraday Future (FF) announced the launch of the "C10 Index" and the "C10 Treasury," a product based on it, marking its official entry into the crypto asset market. As the first crypto asset basket index-based treasury initiative by a US-listed company, this initiative has garnered considerable market attention. FF stated that this strategy aims to build an "EAI + Crypto" dual flywheel and dual bridge ecosystem, deeply integrating AI-powered mobility (EAI) with Web 3 technologies to promote the full adoption of Web 3 within the mobility industry.

The C 10 Index tracks the world's top ten cryptocurrencies (excluding stablecoins), including mainstream assets such as Bitcoin, Ethereum, and Solana.

Meanwhile, the C10 Treasury adopts an 80% passive + 20% active investment model to ensure sustainable returns. According to its official website, FF will use special financing funds to purchase crypto assets, implicitly implying that securing funding is crucial. Failure to do so will result in a complete failure. This means FF will raise funds from the market and use them to purchase crypto assets. The initial phase aims to purchase $500 million to $1 billion in crypto assets, once the necessary funds are secured. The initial allocation of $30 million is expected to begin as early as this week. The long-term vision is to expand to $10 billion, achieving compound growth through staking returns.

FF is establishing a wholly-owned subsidiary, FFAI Crypto Treasury and Bridging Holdings Inc., to conduct cryptocurrency business.

FF officials stated in the announcement that this strategy aims to optimize Faraday Future's income statement, balance sheet, and cash flow. This strategy utilizes on-chain assets as both reserves and flexible capital. This strategy enables Faraday Future to earn stable staking returns, potentially reducing reliance on high-cost financing and enhancing its net asset value and structure. Faraday Future plans to operate its cryptocurrency and electric vehicle businesses within independent legal and financial structures to promote risk isolation, operational independence, and asset transparency. Digital assets will be held by a third-party custodian and fully verifiable on-chain.

Overall, the proceeds from the C10 treasury can be used to fund product innovation, stock repurchases, and even apply for a crypto ETF license. This isn't just a financial strategy, but also an ecosystem initiative: FF plans to put its EAI EV assets on the blockchain, building a travel, blockchain, and crypto application scenario. Jia Yueting's personal experience also influenced this decision—after the collapse of LeEco, he deeply understood the importance of a capital chain. This shift to crypto may be about injecting a "compound interest effect" into FF, benchmarking it against traditional index funds and becoming a "crypto S&P 500."

Furthermore, amidst the global crypto boom, this move will enhance FF's brand exposure and attract crypto investors. FF has also enlisted local celebrities to endorse its crypto asset strategy. California State Treasurer Fiona Ma delivered a video address expressing support for the company's new strategy.

In the first half of 2025, FF gradually stabilized its operations through equity financing and capital injections from partners. The launch of this encryption strategy is seen as a new attempt by Jia Yueting to "make a comeback," and he promoted it on Twitter, saying it would "amplify shareholder and industry value."

Its stock price also rose from the bottom of US$0.83 this year to a high of US$3.6, an increase of more than 400%.

From LeTV to Faraday Future

Jia Yueting's entrepreneurial career has been fraught with twists and turns. Back in the LeEco era, Jia Yueting built an internet empire based on the concept of "ecological counter-attack." However, LeEco's funding chain collapsed in 2017, leaving him with massive debts. He fled to the United States that same year, tumbling from a successful entrepreneur to a widely criticized "deadbeat."

Since then, he has repeatedly promised to "return to China next week" but failed to fulfill his promise, which has been criticized by the public.

In 2019, Jia Yueting filed for personal bankruptcy reorganization in the United States to resolve over $3.6 billion in debt. In recent years, he has served as FF's founder and co-CEO, focusing on the company's revival. FF has faced challenges such as production delays and funding shortages, but it will begin deliveries of the FF 91 in 2023 and launch the more affordable FF 81 series in 2024. Despite volatile stock prices and a period of shrinking FF's market capitalization, Jia Yueting has maintained his position as a "disruptor," emphasizing the integration of AI and electric mobility.

The electric vehicle industry is highly competitive, with giants like Tesla and Rivian dominating the market. FF needs innovative breakthroughs. FF is seeking diversified financing channels to support its high R&D costs. Jia Yueting stated that his "dual flywheel" strategy will connect the electric vehicle industry with crypto capital, creating a positive cycle through the value-added effect of crypto assets.

Notably, in July of this year, FF also announced a strategic partnership with digital asset infrastructure platform HabitTrade to enter the RWA market and tokenize FF assets. Simply put, the company is trading the promise of selling cars for USDT financing, with the promise of future returns to investors in the form of "revenue tokens." However, the core question remains: when will FF deliver the cars? In its Form 10K filed with the US SEC on March 31, 2025, FF stated that factors such as the company's debt and product delivery are subject to uncertainty and risk.

While Jia Yueting's recent moves in RWA and crypto asset treasury are bold, they carry risks: the crypto market is volatile, and further funding issues for FF could exacerbate its debt burden. However, if successful, they could enhance FF's brand image and promote the cross-border integration of electric vehicles and cryptocurrencies. Jia Yueting's reputation as a visionary may be reborn in the crypto era.