AIxCrypto Pivots to AI, Blockchain Infrastructure After $40.7M Raise

TL;DR

**AIXC is making a high-stakes gamble on AI and blockchain, but with no revenue yet, it's a speculative play for the bold.**

AI Summary

AIxCrypto Holdings, Inc. (AIXC) underwent a significant strategic realignment in 2025, pivoting from therapeutics to a dual-pillar strategy focused on Real-World Asset (RWA) tokenization and Embodied AI (EAI) infrastructure. The company raised $40.7 million in a PIPE financing in September 2025, including a strategic investment from Faraday Future Intelligent Electric Inc. (FFAI), and rebranded from Qualigen Therapeutics in November 2025. Subsequently, in February 2026, AIXC discontinued its BesTrade DeAI Agent platform and C10 digital asset treasury tools to concentrate solely on the RWA + EAI ecosystem, which has not yet generated material revenue. The RWA pillar includes a planned $10 million strategic equity investment in FFAI common stock for tokenization. The EAI pillar is developing the AIxC Hub, which surpassed 1 million registered wallets by February 2026, and aims for commercial collaboration with FFAI Robotics Inc. AIXC also secured $4.2 million in July 2025 through a private placement of Series A-3 Preferred Stock.

Why It Matters

AIxCrypto's dramatic pivot from therapeutics to AI and blockchain infrastructure signals a high-risk, high-reward bet on emerging technologies. For investors, this means evaluating AIXC against a new competitive landscape, including established tech giants and nimble blockchain startups, rather than biotech peers. Employees and customers will experience a complete shift in product focus, with the company now targeting enterprise and institutional clients for RWA tokenization and EAI deployment. The broader market will watch if AIXC can successfully carve out a niche in the rapidly growing, yet highly speculative, intersection of AI and blockchain, especially given its early-stage commercialization and lack of material revenue to date.

Risk Assessment

Risk Level: high — The company explicitly states its EAI and RWA platforms are in 'early stages of commercialization and have not generated material revenue to date.' Furthermore, AIXC discontinued two previously developed products (BesTrade and C10) in February 2026, indicating a lack of successful product-market fit and a high degree of operational uncertainty. The highly evolving and uncertain regulatory landscape for digital assets and AI also presents significant risks.

Analyst Insight

Investors should approach AIXC with extreme caution, recognizing it as a highly speculative investment. Monitor progress on the FFAI strategic equity tokenization and the FFAI Robotics EAI collaboration for concrete commercial agreements and revenue generation. Given the lack of material revenue, this is a 'wait and see' situation for most investors.

Financial Highlights

debt To Equity

N/A

revenue

$0

operating Margin

N/A

total Assets

N/A

total Debt

N/A

net Income

N/A

eps

N/A

gross Margin

N/A

cash Position

$40.7 million

revenue Growth

N/A

Key Numbers

• $40.7 million — PIPE financing (Raised in September 2025, funding digital asset treasury and Web3/AI initiatives.)
• $10 million — Strategic equity investment (Anticipated investment in FFAI common stock for RWA tokenization.)
• 1 million — Registered wallets (AIxC Hub surpassed this number by February 2026.)
• $4.2 million — Private placement (Raised in July 2025 through Series A-3 Preferred Stock.)
• $800,000 — IR Agency fee (Paid to IR Agency, LLC for investor relations services.)
• 10 — Employees (As of December 31, 2025, indicating a lean operational structure.)
• $5,581,476 — Market value of non-affiliate stock (As of June 30, 2025, based on $3.413 per share.)
• 20,234,993 — Shares of Common Stock outstanding (As of March 23, 2026.)
• 1:50 — Stock split (Effected on November 5, 2024, retroactively adjusted for all periods.)
• $1.9 trillion — Projected blockchain market (By 2034, growing from $41 billion in 2025, representing over 50% CAGR.)

Key Players & Entities

• AIxCrypto Holdings, Inc. (company) — Registrant, Nasdaq: AIXC
• Faraday Future Intelligent Electric Inc. (company) — Lead Investor in PIPE financing, Nasdaq: FFAI
• Qualigen Therapeutics (company) — Previous company name before rebranding
• BitMart (company) — Strategic partnership for co-branded virtual prepaid card
• IR Agency, LLC (company) — Investor relations service provider
• Nasdaq (regulator) — Stock exchange where AIXC is listed
• SEC (regulator) — Securities and Exchange Commission
• FFAI Robotics Inc. (company) — Subsidiary of FFAI, early-stage commercial collaboration for EAI

FAQ

Risk Factors

• Dependence on New Business Strategy [high — operational]: AIXC has pivoted to a new dual-pillar strategy focused on Real-World Asset (RWA) tokenization and Embodied AI (EAI) infrastructure. This strategy has not yet generated material revenue, and the company's success is highly dependent on its ability to successfully develop and commercialize these new initiatives, including the AIxC Hub and RWA tokenization plans.
• Reliance on Financing [high — financial]: The company has relied on significant financing events, including a $40.7 million PIPE financing in September 2025 and a $4.2 million private placement of Series A-3 Preferred Stock in July 2025. Future operations and strategic investments, such as the planned $10 million investment in FFAI, may require additional capital, and there is no assurance that such funding will be available on favorable terms.
• Evolving Digital Asset and AI Regulations [medium — regulatory]: AIXC operates in the rapidly evolving blockchain and AI sectors, which are subject to significant and uncertain regulatory scrutiny. Changes in regulations related to digital assets, tokenization, and artificial intelligence could materially impact the company's business model, operations, and ability to comply with legal requirements.
• Competition in RWA and EAI Markets [medium — market]: The RWA tokenization and Embodied AI infrastructure markets are highly competitive and rapidly evolving. AIXC faces competition from established technology companies and emerging startups. Its ability to gain market share and achieve profitability will depend on its technological innovation, strategic partnerships, and execution.
• Discontinuation of Prior Platforms [medium — operational]: The discontinuation of the BesTrade DeAI Agent platform and C10 digital asset treasury tools in February 2026 indicates a significant shift in strategy. This move, while intended to focus resources, carries the risk of alienating existing stakeholders and the potential for unforeseen challenges in executing the new RWA + EAI ecosystem.
• Valuation of Strategic Investments [medium — financial]: The planned $10 million strategic equity investment in FFAI common stock for RWA tokenization introduces financial risk. The value of this investment is subject to market fluctuations and the performance of FFAI, which could impact AIXC's financial position.

Industry Context

AIxCrypto Holdings operates at the intersection of rapidly evolving sectors: blockchain technology, digital asset tokenization (specifically Real-World Assets - RWAs), and Embodied AI (EAI). The projected blockchain market growth to $1.9 trillion by 2034 from $41 billion in 2025, with over 50% CAGR, highlights the immense potential. However, this also signifies a highly competitive landscape with numerous startups and established tech players vying for market share in both RWA infrastructure and AI development.

Regulatory Implications

The company's focus on RWA tokenization and digital assets places it under the purview of evolving financial regulations globally. Uncertainty surrounding the classification and regulation of digital tokens, as well as the development of AI, presents significant compliance challenges and potential risks to its business model.

What Investors Should Do

1. Monitor RWA and EAI commercialization progress.
2. Assess the strategic value and execution of the FFAI investment.
3. Evaluate user growth and engagement on the AIxC Hub.
4. Track future financing needs and capital raising activities.

Key Dates

• 2024-11-05: 1:50 Stock Split — Retroactively adjusted for all periods, impacting share count and per-share metrics.
• 2025-07-01: Private Placement of Series A-3 Preferred Stock — Raised $4.2 million, providing capital for operations and strategic initiatives.
• 2025-09-01: PIPE Financing — Raised $40.7 million, including a strategic investment from FFAI, to fund digital asset treasury and Web3/AI initiatives.
• 2025-11-01: Rebranding from Qualigen Therapeutics — Reflects the strategic pivot from therapeutics to a focus on RWA tokenization and Embodied AI.
• 2026-02-01: Discontinuation of BesTrade DeAI Agent and C10 tools — Streamlined focus on the RWA + EAI ecosystem.
• 2026-02-01: AIxC Hub surpasses 1 million registered wallets — Indicates early traction and user adoption for the EAI pillar.

Glossary

Real-World Asset (RWA) Tokenization

The process of representing ownership of tangible or intangible real-world assets (like real estate, commodities, or intellectual property) as digital tokens on a blockchain. (A core pillar of AIXC's new strategy, aiming to unlock liquidity and create new investment opportunities.)

Embodied AI (EAI)

Artificial intelligence that is integrated into physical systems or robots, allowing them to interact with and learn from the physical world. (The other core pillar of AIXC's strategy, focusing on developing infrastructure like the AIxC Hub.)

PIPE Financing

Private Investment in Public Equity. A transaction where an institutional investor buys stock directly from a publicly traded company at a discount. (AIXC raised $40.7 million through a PIPE in September 2025, indicating significant capital infusion.)

AIxC Hub

A platform developed by AIXC as part of its Embodied AI infrastructure strategy. (Achieved over 1 million registered wallets by February 2026, showing user engagement.)

Stock Split

An action by a company to divide its existing shares into multiple shares, increasing the number of shares outstanding while reducing the price per share. (AIXC effected a 1:50 stock split on November 5, 2024, which is retroactively adjusted for all periods.)

Year-Over-Year Comparison

As AIxCrypto Holdings, Inc. underwent a significant rebranding and strategic pivot from therapeutics to RWA tokenization and Embodied AI in 2025, direct year-over-year comparisons of revenue and margins are not applicable as the new business segments have not yet generated material revenue. The company has focused on raising capital, evidenced by the $40.7 million PIPE financing and $4.2 million private placement, indicating a shift towards funding new initiatives rather than organic growth from prior operations. New risks associated with regulatory uncertainty in digital assets and AI, alongside market competition in these nascent fields, are now paramount.

Key Financial Figures

• $0.001 — h registered: Common Stock, par value $0.001 per share AIXC The Nasdaq Stock Mar
• $3.413 — 5,581,476 , based on a closing price of $3.413 per share of common stock,par value $ 0
• $41 million — In September 2025, the Company closed a $41 million PIPE financing and subsequently , in No
• $10 million — itial commercial application involves a $10 million strategic equity investment in common s
• $41 billion — lerating across industries from roughly $41 billion in 2025 to approximately $1.9 trillion
• $1.9 — ly $41 billion in 2025 to approximately $1.9 trillion by 2034, representing more tha
• $20 billion — chain RWA market has grown to more than $20 billion in 2025, a more than 300% increase over
• $7 billion — global AI Agent market is approximately $7 billion today and is projected to exceed $47 bi
• $47 billion — illion today and is projected to exceed $47 billion by 2030, representing a compound annual
• $40.7 million — rsuant to which the investors purchased $40.7 million (the "Offering") of the Company's commo
• $6.8 million — (the "Series B Preferred Stock"). Up to $6.8 million of the net proceeds from the Offering w
• $2.47 — e and have an initial exercise price of $2.47 per share. At December 31, 2025, 1,087,
• $1,000 — Preferred Stock at a purchase price of $1,000 per share, for a net total of $4.2 mill
• $4.2 million — of $1,000 per share, for a net total of $4.2 million. 6 IR Agency LLC Consulting Agreemen
• $800,000 — reement, we will pay IR Agency a fee of $800,000 upon the Company raising $1.8 million o

Filing Documents

• form10-k.htm (10-K) — 2146KB
• ex19-1.htm (EX-19.1) — 135KB
• ex21-1.htm (EX-21.1) — 2KB
• ex23-1.htm (EX-23.1) — 6KB
• ex23-2.htm (EX-23.2) — 3KB
• ex31-1.htm (EX-31.1) — 16KB
• ex31-2.htm (EX-31.2) — 16KB
• ex31-3.htm (EX-31.3) — 16KB
• ex32-1.htm (EX-32.1) — 10KB
• ex97-1.htm (EX-97.1) — 37KB
• 0001493152-26-013434.txt ( ) — 11420KB
• aixc-20251231.xsd (EX-101.SCH) — 91KB
• aixc-20251231_cal.xml (EX-101.CAL) — 101KB
• aixc-20251231_def.xml (EX-101.DEF) — 422KB
• aixc-20251231_lab.xml (EX-101.LAB) — 744KB
• aixc-20251231_pre.xml (EX-101.PRE) — 585KB
• form10-k_htm.xml (XML) — 1864KB

RISK FACTORS

ITEM 1A. RISK FACTORS 9

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 17

CYBERSECURITY

ITEM 1C. CYBERSECURITY 18

PROPERTIES

ITEM 2. PROPERTIES 21

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 21

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 21 PART II

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 22

[RESERVED]

ITEM 6. [RESERVED]. 22

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 23

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 31

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 31

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 67

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 67

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 68

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 68 PART III

DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE 69

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 69

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 69

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 69

PRINCIPAL ACCOUNTING FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 69 PART IV

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 70

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 73 2 Unless otherwise indicated, all share and per share amounts in this Annual Report on Form 10-K, including in the consolidated financial statements and notes, have been retroactively adjusted to reflect the 1:50 stock split that was effected on November 5, 2024 for all periods presented. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Annual Report") contains forward-looking statements by AlxCrypto Holdings, Inc.. (the "Company") that involve risks and uncertainties and reflect our judgment as of the date of this Annual Report. These

forward-looking statements because they contain words such as "may," "will," "should,"

forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Such forward-looking statements may relate to, among other things, potential future development, testing and launch of products and product candidates. Actual events or results may differ from our expectations due to a number of factors. These

forward-looking statements include, but are not limited to, statements about

forward-looking statements include, but are not limited to, statements about: the projected financial information, anticipated growth rate, and market opportunities of the Company; the ability to maintain the listing of our Common Stock on Nasdaq; Our public securities' potential liquidity and trading; Our ability to raise financing in the future; Our success in retaining or recruiting, or changes required in, officers, key employees, or directors; potential effects of extensive government regulation; Our future financial performance and capital requirements; high inflation rates and interest rate increases; the trends in, expected growth in and market size of the blockchain and Fintech industries in the markets we have business and globally; our ability to continue to develop new technologies and/or upgrade our existing technologies factors relating to our business, operations, and financial performances, including: Our ability to compete in a changing industry and respond quickly and cost-effectively to new or emerging technologies Our ability to generate the earnings necessary to fund our operations, continue to grow our business or repay our debt obligations; The future development and growth of cryptocurrency; Our ability to stay in compliance with laws and regulations that currently apply or become applicable to our business both in the United States and internationally given the highly evolving and uncertain regulatory landscape; Other statements regarding our future operations, financial condition, and prospects and business strategies By their nature, forward-looking statements involve risks and uncertainties because they relate to events, competitive dynamics, regulatory and scientific developments and depend on the economic circumstances that may or may not occur in the future or may occur on longer or shorter timelines than anticipated. In light of the significant uncertainties in these forward-looking statements, you should not rel

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