Faraday Future (NASDAQ: FFAI), a zombie EV company, recently unveiled its own cryptocurrency strategy, joining a broader craze.
The company has announced the C10 Index, which is a basket of cryptocurrencies weighted by market cap. Bitcoin makes up almost half of the index. Ethereum (ETH) has a 24% share.
The company has already purchased $30 million worth of crypto, and it plans to increase this sum to as much as $1 billion.
A 98% plunge
Faraday Future, which was founded back in 2014, emerged as an early Tesla competitor.
In 2016, it introduced its flashy Batman-like FFZERO1 concept car that allegedly showcased its technology.
However, the company has been grappling with production delays as well as limited vehicle deliveries.
In 2021, it received a Wells notice from the U.S. Securities and Exchange Commission (SEC) related to its SPAC merger.
The stock has plunged by roughly 98% from its peak, which is a typical SPAC boom-and-bust story.
Tesla’s Bitcoin holdings
In the meantime, Tesla remains the 11th largest Bitcoin treasury company with total holdings of 11,509 coins.
The company initially purchased $1.5 billion worth of BTC in February 2012, propelling the cryptocurrency’s bull run.
