Faraday Future Plans Multibillion Crypto Strategy With $30M Start
The Nasdaq-listed company aims to create a C10 Treasury tracking the top 10 cryptocurrencies excluding stablecoins.
Electric vehicle startup Faraday Future has announced plans for a comprehensive crypto strategy, beginning with a $30 million initial purchase that could eventually reach “tens of billions” in size. The Nasdaq-listed company aims to create a C10 Treasury tracking the top 10 cryptocurrencies excluding stablecoins.
The initiative includes launching a C10 Index as a market-cap-weighted basket fund and exploring an exchange-traded fund creation. Faraday plans to purchase $500 million to $1 billion in crypto through multiple tranches starting with the initial allocation.
California State Treasurer Fiona Ma endorsed the move,…
