Can Jia Yueting revive his "choking" dream and really stage a comeback through the cryptocurrency circle?

Recently, Jia Yueting has made a series of significant moves. On November 19th, he said in a video on Weibo that since 2017, he has spent over 3,000 days and nights in the United States, constantly longing to pay off his debts and return home as soon as possible.

He mentioned that he was in New York, and the large - screen building behind him was the Nasdaq Stock Exchange, whose headquarters is located in New York. The center is situated at 4 Times Square, adjacent to New York's Times Square. This building is often referred to as the Condé Nast Building.

In the video, he first expressed deep regret for stepping down as CEO after FF went public. As a result, the company was manipulated by Wall Street's so - called "bankruptcy gangsters," and $1 billion of the company's funds were squandered. Fortunately, order was restored later. He reassumed the position of co - CEO in May this year, enabling the company to operate smoothly. He also launched a new strategy of EAI + Crypto and established a second irrevocable creditor trust. He hopes to pay off his debts earlier through the appreciation of FFAI shares and the newly listed AIXC shares.

Although under US law, he has no more debts, he once again emphasized his desire to pay off the debts owed to domestic creditors or those under other legal regulations and return to China as soon as possible.

After all, eight years have passed in a blink of an eye. As long as he doesn't return to China, he can't shake off the ridicule and doubts of the "coming back next week" meme. So, will the creditors trust him again?

Let's take a closer look. What is Jia Yueting's new strategy, and how does he plan to pay off his debts through the appreciation of shares?

Jia Yueting's Recent Major Moves

Jia Yueting's trip to New York was obviously not for tourism. He went there to unveil a rebranded shell company (QLGN), which was renamed AIxCrypto Holdings, Inc. (Nasdaq ticker: AIXC).

This company is a key part of Jia Yueting's future strategy. Thus, his business story is now depicted as a dual - system of the original Faraday Future (FFAI) and the newly listed AIXC.

Faraday issued a press release stating that it has completed the formation of the "FFAI + AIXC dual - flywheel, dual - bridge, dual - listing" system, and AIxCrypto is described as "its controlled cryptocurrency company/sub - company."

To be honest, there are so many abbreviations in the content he released. I had to study it carefully for a long time to figure out what he really meant.

In simple terms, it's the dual - drive of AI and cryptocurrency. This is indeed a very appealing concept overseas, indicating seemingly infinite development potential. Jia Yueting is no longer just selling cars. Instead, he is building a closed - loop ecosystem driven by AI and cryptocurrency.

Whether you believe it or not, you have to admit that this might be the future. It's hard to simply deny it.

Of course, mere concepts won't do. The original car - making business still needs to continue.

First, FF launched the FX Super One (positioned as a "First Class EAI - MPV") in the UAE at the end of 2025 and announced that football legend Andrés Iniesta would be the first owner and the "Developer Co - creation Officer." The model has started overseas pre - sales, and the promotion supports cryptocurrency payments.

Source: ff.com

Jia Yueting also mentioned that the first batch of complete parts for the Super One have been shipped from Shanghai Port to the Port of Long Beach in Los Angeles. Andrés Iniesta (affectionately called "Xiaobai" by Chinese fans), a former Barcelona star, has become the first owner, and 100 entrepreneurs have placed group orders and paid deposits.

Second, Faraday Future has started cooperation with Tesla on the charging network. It sounds quite impressive. After a careful check, the official press release states that in the future, models such as the FF92 and FX Super One will be equipped with NACS charging ports, enabling them to use Tesla's super - charging networks in the US, Japan, South Korea, etc., which means access to over 28,000 super - charging stations. However, the press release does not disclose the specific one - time payment or total investment amount to Tesla.

With the launch of new cars, the establishment of cooperation, and the dual - listing drive, does Jia Yueting have a better chance of paying off his debts?

Jia Yueting's New Business Logic and Risks

Everyone must be curious about how FFAI and AIXC achieve dual - drive. One focuses on electric vehicles and AI, while the other focuses on cryptocurrency tokens and blockchain.

What is the business/financial linkage between AIxCrypto (AIXC) and FFAI?

Developing electric vehicles and AI requires significant investment. Where does the capital come from? The delivery of the FF91 was mediocre, and it's difficult to raise funds from the market through FFAI. This is where the role of AIXC comes in.

AIxCrypto was formed through a name change/acquisition, and FFAI, through shareholding or control, creates a "parallel/complementary" relationship between the two companies. Press releases and reports repeatedly emphasize that "cryptocurrency/tokenization capabilities will provide funding and user incentive channels for the automotive ecosystem." At the same time, AIxCrypto will also use capital (including tokens/cryptocurrency assets) to repurchase or buy FFAI shares, thus providing mutual financial support.

Source: ff.com

According to reports, the first tokenization project may involve tokenizing FFAI's Class A common stocks. AIXC intends to explore the tokenization of up to $5 million worth of FFAI equity.

That is to say, through Web3/tokenization, different types of investors (cryptocurrency users, community funds) can be attracted to raise funds for FF's product sales or ecosystem construction. It can also pilot/promote "cryptocurrency - powered car purchases" and tokenized rights (the company has already promoted pre - orders that support cryptocurrency payments).

In terms of promotion, the "community co - creation/token incentive" model can be used to attract fans and celebrities for co - creation, generating market buzz and user loyalty.

Some may ask why FFAI, a listed company, doesn't directly establish a cryptocurrency business department. It's a good question, but there are additional risks from a corporate management perspective. So, the previously established cryptocurrency business subsidiary was directly merged into AIXC.

Now, placing the cryptocurrency/token business at the level of an independent listed company (AIxCrypto) can, on the one hand, "isolate" the highly volatile cryptocurrency activities, token issuance, and related financial risks in another company. On the other hand, AIxCrypto can serve as a "liquidity carrier" (issuing/trading tokens or holding assets on the market) to support FFAI's stock price or capital needs. Both press releases and reports imply that this is part of the strategic intention.

Source: Internet

There have been reports that FF promoted "cryptocurrency - powered car purchases/pre - orders" at the time of launch. AIxCrypto can provide payment and tokenized rights (such as using tokens to purchase priority, service packages, and ecosystem rights). According to reports, the first pre - order from the Middle East was completed using cryptocurrency payment.

As some users commented, cryptocurrency tycoons want real - world assets, and Jia Yueting needs funds. The two sides hit it off.

In addition, celebrities (Iniesta, Cody Walker, etc.) and the "co - creation officer" mechanism can amplify the influence in both the product (FX) and token community (AIxCrypto), achieving good promotional results.

Moreover, Jia Yueting chose the Middle East market for the first - time launch of the Super One and associated with the grandson of President Nixon, aiming to attract the attention of more consortiums and make the entire business story more credible.

Can Jia Yueting Make a Comeback? Assessing Opportunities and Risks

By now, many people must be wondering what the probability is for Jia Yueting to make a comeback.

Let's break down his strategy and goals into three levels:

Short - term Goal --- Rebuild market confidence and sell cars through "products + celebrities + community + cryptocurrency":

The launch of the FX Super One, its delivery in Dubai, the promotion of cryptocurrency payments, and the invitation of celebrities as co - creation officers are typical business steps of "securing orders, generating publicity, and fulfilling deliveries." The goal is to quickly generate sales and cash flow.

Medium - term Goal --- Leverage AIxCrypto to open up new funding channels and community economics, reducing the vulnerability to traditional financing and stock price fluctuations.

Separating the cryptocurrency/token business into an independent listed entity (AIXC) can attract investors interested in cryptocurrency/blockchain. It can also use tokens, NFTs, and tokenized rights for user incentives and financing, forming a "automobile + finance/token" composite model. Reports also show that AIXC will purchase FFAI shares, providing mutual support at the capital level.

Long - term Goal --- Build an "AI + EV + Web3" ecosystem platform (not just car - making)

The language in the press release ("Three driving forces: AI, Web3, bridging Web2→Web3") and the emphasis on "EAI (Embedded AI)" cars indicate that Jia Yueting and his team hope to turn Faraday into a platform that not only sells cars but uses cars as an entry point for "hardware + data + community + token economy." This will create a sustainable "ecosystem revenue" space (software, subscriptions, token economy, financial services, etc.).

Source: Internet

However, overseas media have also pointed out several risks that require high - level vigilance:

1. Regulatory Risk: The practice of using cryptocurrency as the core for financing/sales faces strict regulations in multiple jurisdictions (the US, the EU, the Middle East, and Asia). Tokens/cryptocurrency products may violate securities laws or payment regulations. There is no complete disclosure in public information about AIxCrypto's compliance path for global regulations.

2. Governance and Related - Party Transaction Risk: Since FF controls AIxCrypto and there is cross - shareholding and capital flow between the two, the market may view it as a risk point for related - party transactions or insider dealing. Institutions and retail investors will pay attention to transparency.

3. Execution Risk (Car - making + Delivery): Transforming concepts into large - scale deliveries is a major test for capital and the supply chain. The shipment of the first batch of parts is a positive sign, but it's still uncertain whether large - scale mass production can be achieved on time, and the quality and after - sales service can be guaranteed.

4. Market Trust and Valuation Fluctuation: Using "cryptocurrency + celebrities + pre - sales" to quickly generate buzz and orders can stimulate short - term valuation and pre - orders. However, if the company fails to fulfill deliveries/services or the token value collapses, it will seriously damage the company and its shareholders.