AIxCrypto

Capital allocation has been poor and conflicted. The company invested ~$12.0 million of shareholder capital via an entrusted arrangement into equity of Faraday Future, its controlling stockholder, recognizing the position as a contra‑equity item rather than a productive operating asset.

It also suffered net losses on digital assets in 2025 and H1 2026, and entered a large equity line followed by an S‑1 registering up to 55 million shares for resale, signaling reliance on dilution over internally generated funds. Share count rose from ~5.16 million at 12/31/2025 to ~20.23 million by 6/30/2026 due to preferred conversions.

These choices are inconsistent with quality owner‑oriented capital allocation.