Shares of the electric chariot manufacturer Faraday Future Intelligent Electric plummeted by a disheartening 7% on Monday, a day after revealing its audacious crypto reserve scheme. 🚗💸
The stock briefly flirted with optimism as the markets opened, but by day’s end, it slumped to a meager $2.58, erasing a week’s gains-Google Finance’s ledger bore witness to this melancholy descent. 📉
Just the previous day, the company had unveiled its grand ambition to amass “tens of billions” of digital assets, beginning with a $30 million foray into the cryptic realm. 🎯
Their C10 Treasury, a curated collection of the top ten cryptocurrencies (excluding stablecoins), was a symphony of Bitcoin‘s 50% dominance and Ethereum‘s 23.7% resonance. An ETF for this opus is in the works. 🎶
The plan extends further, with a promise to acquire $500 million to $1 billion worth of top-tier cryptos for their strategic vault. 💼
Second-quarter earnings muted
The quarterly results, though muted, were met with a hopeful whisper from the company’s leadership. 🌟
A net loss of $48.1 million from operations, a slight improvement over last year’s $50.6 million shortfall. ⚖️
Operating expenses dwindled to $21.3 million, a 29% reduction from the prior year-a testament to fiscal restraint. 🧰
Matthias Aydt, the Global Co-CEO, declared with a flourish, “In the second quarter, we achieved notable capital markets milestones and bolstered our operational efficiencies.” 🎩
The company’s stock was inducted into the Russell 3000 Index, a badge of honor for the 3,000 largest U.S. corporations. 🏛️
Institutional demand remains strong
Despite Bitcoin’s brief wane and the broader market’s turbulence, corporate giants continued to expand their crypto reserves. 📈
Strategy, the titan of Bitcoin holdings, recently acquired 430 BTC for $51.4 million-a bold move in the digital arena. 🦁
Meanwhile, BitMine Immersion Technologies, the sovereign of Ether, saw their holdings surpass $6.6 billion, with over 370,000 ETH added last week. 💰
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2025-08-19 09:49