Connecting EV with crypto, bridging Web2 with Web3
In a move that blurs the boundaries between industries, Faraday Future — the California electric vehicle company — has committed roughly $41 million to acquire majority control of Qualigen Therapeutics, a cancer drug developer it intends to transform into a crypto and Web3 platform. The deal, anchored by founder YT Jia's personal investment and backed by names like Binance Labs, Sequoia Capital, and Circle, reflects a broader human restlessness with singular identity — the impulse to become something more, or something else, before the present chapter is fully written. Whether this dual ambition strengthens both ventures or strains each remains the open question at the heart of the arrangement.
- An electric vehicle company is acquiring a cancer therapeutics firm not for its medicine, but for its public listing — a vessel to carry a new crypto and Web3 strategy into the market.
- The $41 million deal gives Faraday Future and founder YT Jia combined control of over 62 percent of Qualigen, reshuffling its leadership with FF executives stepping into CEO and CFO roles.
- High-profile blockchain backers — including Binance Labs-affiliated SIGN Foundation, Sequoia Capital, and Circle — have joined the round, with a peak token valuation reaching $1.35 billion.
- Faraday Future frames the structure as a 'Dual Flywheel,' insulating EV shareholders from crypto dilution while pursuing synergies between electric vehicles and digital assets.
- The strategy carries real uncertainty: crypto markets remain volatile, regulatory landscapes are shifting, and Faraday Future itself has navigated persistent capital and operational pressures in the EV space.
Faraday Future, the California-based electric vehicle company, has announced a roughly $41 million investment into Qualigen Therapeutics — a publicly traded clinical-stage cancer drug developer — with the explicit intention of redirecting the company toward cryptocurrency and Web3 ventures. It is a striking pivot: a therapeutics firm, chosen not for its pipeline but for its public market foothold, becoming a digital asset platform under new ownership.
The investment structure gives Faraday Future approximately 55 percent of Qualigen's common shares at $2.246 per share, while founder and global co-CEO YT Jia personally contributes an additional $4 million for roughly 7 percent — subject to a two-year lock-up. Together, Jia and Faraday Future will hold more than 62 percent of the company once shareholders approve the transaction.
The financing round attracted a notable constellation of blockchain-oriented backers: SIGN Foundation, supported by Binance Labs; Sequoia Capital; IDG; and Circle, which builds financial infrastructure for governments and capital markets. A peak token valuation of $1.35 billion signals that the crypto dimension of the deal is being assessed on its own terms, separately from the underlying investment.
Leadership of Qualigen will shift substantially at closing. Jia will serve as chief advisor, while Faraday Future's president Jerry Wang becomes co-CEO and CFO Koti Meka steps into the same financial role at Qualigen. Faraday Future will also hold nomination rights for up to four of seven board seats pending shareholder approval.
The company describes the arrangement as a 'Dual Flywheel' — a structure designed to let the EV business pursue its flagship FF91 and the more accessible FX line without shareholder dilution, while Qualigen chases growth in digital assets. Qualigen's outgoing CEO called the deal transformative, and the board voted unanimously in favor.
The risks are real and openly acknowledged. Cryptocurrency markets are volatile, regulatory conditions remain unsettled, and Faraday Future has faced its own turbulence in the capital-intensive EV industry. Yet the deal makes clear that the company views blockchain not as a distraction from its automotive ambitions, but as a parallel pillar of its financial future — one it is willing to acquire a public company to build.
Faraday Future, the California electric vehicle company, has made a decisive move into cryptocurrency and blockchain finance by investing roughly $41 million into Qualigen Therapeutics, a publicly traded clinical-stage cancer drug developer. The deal, announced in mid-September, represents a sharp pivot: Faraday Future will take majority control of Qualigen and steer it toward crypto and Web3 ventures, effectively transforming a therapeutics company into a digital asset platform.
The structure of the investment is straightforward in its ambition. Faraday Future itself will commit approximately $30 million for just over half of Qualigen's common shares—about 55 percent ownership—at an effective price of $2.246 per share. YT Jia, Faraday Future's founder and global co-CEO, will personally invest an additional $4 million, securing roughly 7 percent of the company and agreeing to a two-year lock-up on that stake. Once the deal closes and shareholders approve, Jia and Faraday Future together will control more than 62 percent of Qualigen's outstanding stock.
The financing round itself drew backing from a notable roster of blockchain-focused investors. SIGN Foundation, a blockchain technology firm backed by Binance Labs, joined the round alongside Sequoia Capital (with operations across the United States, India, and China), IDG, and Circle, which builds software infrastructure for governments and next-generation capital markets. The deal carries a peak token valuation of $1.35 billion, suggesting the crypto component is being valued separately from the core investment.
Control of Qualigen will shift immediately upon closing. Jia will become chief advisor to the company. Jerry Wang, Faraday Future's president, will be appointed co-CEO of Qualigen, while Koti Meka, Faraday Future's chief financial officer, will take the CFO role. Faraday Future will have the right to nominate two of Qualigen's five independent directors—a number that could expand to four of seven seats if shareholders approve a proposal to expand the board.
The strategic logic, as Faraday Future frames it, is to create what it calls a "Dual Flywheel" structure. The electric vehicle business can concentrate on advancing its EV strategy—including its flagship FF91 luxury model and its newer FX line aimed at mass production with middle-to-low price positioning—while Qualigen pursues growth in crypto and Web3 without diluting Faraday Future's existing shareholders. The two companies will create what leadership describes as synergies between electric vehicles and digital assets, bridging what Jia calls Web2 and Web3.
Kevin Richardson, Qualigen's CEO, called the transaction transformative, noting that the company will embrace what he described as the new economy and technology. The Qualigen board voted unanimously to proceed. Univest Securities served as the sole placement agent, with Pryor Cashman representing Faraday Future and Lucosky Brookman representing Qualigen.
The move carries obvious risks. Cryptocurrency markets remain volatile and subject to shifting regulatory frameworks. Faraday Future itself has faced its share of capital-raising challenges and operational hurdles in the competitive EV space. The company's forward-looking statements acknowledge the inherent uncertainty: the ability to execute a crypto strategy, to raise funds to support it, and to manage a separate listed entity all remain contingent on factors beyond the company's control. Still, the deal signals that Faraday Future sees blockchain and digital assets as a meaningful part of its financial future—and that it is willing to acquire an existing public company to pursue that vision.
Citas Notables
FFAI will truly become a company powered by Dual Flywheel synergy and Dual Bridge empowerment—connecting EV with crypto, and bridging Web2 with Web3.— YT Jia, Founder and Global Co-CEO of Faraday Future
The company will be embracing the new economy and technology which will reshape the future. The board unanimously voted to move forward with this transformative transaction.— Kevin Richardson, CEO of Qualigen Therapeutics
La Conversación del Hearth Otra perspectiva de la historia
Why would an electric vehicle company need to own a cancer drug company?
They don't, really. That's the point. Qualigen is just the shell—a publicly traded vehicle. Faraday Future is using it to launch a crypto business without diluting its own EV shareholders.
So they're essentially buying a stock ticker?
Essentially, yes. Qualigen was a clinical-stage therapeutics company, but that's being abandoned. The company becomes a crypto and Web3 platform instead.
Who are the real money people behind this?
Binance Labs is in the mix through SIGN Foundation. Sequoia Capital across three regions. Circle, which does infrastructure for governments and capital markets. These aren't random crypto speculators—they're institutional players.
What does Faraday Future actually get out of this beyond a crypto arm?
They get to keep their EV business clean and focused, without shareholders complaining about crypto volatility. They also get new financing channels and potential synergies—though that language is vague. Mostly it's separation with optionality.
Is this a sign Faraday Future is struggling with its core business?
Not necessarily struggling, but it's a sign they see crypto as a way to raise capital and create value outside the traditional auto industry. The EV market is brutal. This opens a different door.
What happens to Qualigen's cancer research?
It disappears. The company pivots entirely. That's the transformation Richardson was talking about—embracing the new economy means abandoning the old one.