The stock surged pre-market after Faraday Future announced a $41 million investment that will give it control as the biotech pivots to a new CXC10 crypto and Web3 strategy.
Shares of Qualigen Therapeutics soared as the top gainer among U.S.-listed stocks in pre-market trading on Monday, jumping over 285%, driven by news of a major investment amid a strategic pivot.
Late Friday, California-based EV maker Faraday Future Intelligent Electric said it will invest $41 million in Qualigen, giving the EV maker a majority stake in the biotech firm as it pivots into crypto and Web3.
Faraday will put in $30 million for about 55% of Qualigen’s stock, while founder and co-CEO YT Jia will add $4 million through a loan from FF Global Partners, securing about 7% ownership. Jia agreed to lock up his shares for two years. The announcement was made at Faraday’s annual “919” event in Los Angeles.
Other investors in the round include SIGN Foundation, a blockchain firm backed by Binance Labs, Sequoia Capital, IDG, and Circle. If approved by Qualigen stockholders, the transaction will give Faraday Future a controlling stake, board nomination rights, and leadership roles at the biotech, which plans to rebrand as CXC10.
CXC10 will shift focus to a new crypto and Web3 strategy built on three “growth engines”: the C10 value anchor, including a treasury, index, and potential ETF; the BesTrade DeAI Agent to guide trading; and ecosystem tokens, including a planned stablecoin.
YT Jia said these efforts would connect AI with crypto and bridge Web2 and Web3, maximizing value for both stockholders and token holders.
Faraday Future highlighted C10 Treasury’s early performance, with $10 million in crypto asset allocations delivering an unrealized 7% gain by Sept. 18, beating the C10 Index.
The company also used the 919 event to showcase updates to its FX Super One MPV, including a panoramic dual-screen interior, eye-tracking and gesture controls, and generative AI-powered software under its EAI OS. The first U.S. deliveries are scheduled to begin by year-end, with a Middle East launch expected in October.
On Stocktwits, retail sentiment for Qualigen Therapeutics was ‘extremely bullish’ with ‘extremely high’ message volume, while for Faraday Future it was ‘neutral’ with ‘normal’ activity.
One user described the investment as a “massive” infusion of capital into the company and suggested the development justified a $50 valuation for QLGN.
Another user said that they expected the stock to trade above $40.
While Qualigen’s stock has declined 32.5% so far in 2025, Faraday Future’s stock has fallen 27.2% over the same period.
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