Faraday Future’s $41M Investment Fuels QLGN Crypto Pivot

Faraday Future invests $41 million in Qualigen Therapeutics, aiming to rebrand it as CXC10 to focus on cryptocurrency and Web3 businesses, in a strategic PIPE transaction.

This investment signifies Faraday Future’s expansion into the growing cryptocurrency sector, potentially impacting market dynamics and investor interest in Web3 technologies.

Faraday’s Strategic Move into the Crypto Sphere

Faraday Future confirmed an investment plan involving $30 million at a price of $2.246 per share, representing 55% of QLGN’s common stock. Founder Jia Yueting contributes $4 million personally. SIGN Foundation supports this initiative, steering QLGN towards a crypto-focused future.

With the rebranding to CXC10, organizational roles are undergoing shifts. Jia Yueting steps in as Chief Advisor, while President Wang Jianjun is designated Co-CEO. This reshaping signals CXC10’s active pursuit of a more profound presence in cryptocurrency markets.

No direct public statements or tweets about this PIPE transaction and Web3 pivot have been located as of September 20, 2025. – Jia Yueting, Founder & Global Co-CEO, Faraday Future

Market Insights and Regulatory Considerations

Did you know? PIPE investments like CXC10’s pivot share similarities with marathon patent group’s transition to Bitcoin mining. Yet, CXC10’s broader focus on cryptocurrency and Web3 development is among the most ambitious industry pivots to date.

Ethereum (ETH) currently stands at $4,500.22, with a market cap of $543.19 billion, according to CoinMarketCap. The 24-hour trading volume dropped by 45.93% to $17.42 billion. Despite short-term fluctuations, Ethereum has experienced a 106.19% increase over 90 days.

Analysis by Coincu suggests the investment will likely stimulate innovation in digital asset management. Potential regulatory impacts are linked to shareholder and market response, with expanded crypto market capabilities on the horizon.