 
 
Faraday Future Intelligent Electric has announced its plans to create its crypto treasury, marking a bold step into digital assets. The company intends to initially buy $30 million worth of crypto, with plans to grow its portfolio up to “tens of billions” over time.
Faraday Starts With $30 Million Crypto Tranche
The electric vehicle startup stated on Sunday that it intended to create a “C10 (Crypto 10) Treasury” product and initially purchase $30 million worth of crypto this week, which it expected to “reach tens of billions in size.”
The C10 Treasury is a basket of the top 10 crypto assets weighed by market capitalization, excluding stablecoins. Bitcoin constitutes 50% of the fund, while Ethereum has a 23.7% share. Faraday Future also revealed it plans to introduce an exchange-traded fund (ETF) for the product.
The company’s crypto strategy also entails acquiring $500 million to $1 billion worth of crypto from the top 10 cryptos by market cap for its strategic reserve.
“The next decade could be a super long bull cycle for the crypto market,” opined Ian Calderon, Faraday Future co-creation officer and founding board member of the California Blockchain Working Group.
 
Faraday Future is the latest publicly listed company pivoting to a crypto strategy, a trend that has seen billions of dollars in funding and helped boost share prices as Wall Street looks to gain crypto exposure.
Meanwhile, Elon Musk’s Tesla holds the 11th-largest Bitcoin stash with an 11,509 BTC stockpile. The EV maker first bought $1.5 billion worth of the bellweather crypto in February 2021, driving the price of the digital coin to new highs.
Growing Corporate Crypto Adoption Wave
Despite the latest crypto market correction, publicly listed crypto treasury firms are continuing to grow their strategic crypto reserves.
Strategy, the world’s largest corporate Bitcoin holder and original treasury play, snatched up an additional 430 BTC worth $51 million last week.
In the meantime, Tom Lee-led BitMine Immersion Technologies announced Monday that its holdings surpassed 1.5 million ether (ETH) worth roughly $6.6 billion. With the latest buy, the Ether treasury firm has become the second-biggest public corporate crypto owner, trailing only Michael Saylor’s Strategy.
Bitcoin surpassed its previous all-time high in early August after briefly trading above $124,000. The crypto has since sunk to $115,602 as of publication time, according to crypto data provider Coingecko.
Source: https://zycrypto.com/tesla-rival-faraday-future-unveils-multibillion-dollar-crypto-reserve-strategy/