China says Nvidia broke competition rules, extends probe; stock off lows
Faraday Future Intelligent Electric Inc. (FFAI) announced plans to spin off its crypto flywheel assets into a separate listed company. The California-based electric vehicle company said it expects to provide additional details at an upcoming event.
The spin-off aims to create two independent systems, with FFAI maintaining its electric vehicle focus while a new entity concentrates on crypto operations including C10 Treasury. The company stated this structure would allow both entities to operate independently while forming strategic partnerships.
"Separating and listing the Crypto & C10 and crypto asset businesses marks an important turning point in the Company’s development," said YT Jia, Founder and Global Co-CEO. "We are establishing a second growth engine while ensuring that our core EAI EV Flywheel remains focused, accelerating product delivery and market expansion."
Faraday Future reported its C10 Treasury completed two rounds of digital asset allocations totaling approximately $7 million over the past two weeks. The company said the actively managed portion of the portfolio, representing 20% of allocations, outperformed the C10 Index average.
The spin-off structure is designed to allow the crypto business to secure independent financing without diluting FFAI’s share capital. The company indicated the separation would enable each team to focus on their respective operations, with FFAI concentrating on electric vehicle delivery and market expansion.
The information is based on a company press release statement.