Ferrari Minting Crypto Token to Auction Off Le Mans-Winning Car

Ferrari is reportedly courting the crypto crowd as it auctions off a championship-winning car.

The sportscar maker is planning to mint a digital token that its wealthiest fans can use in an auction for a Ferrari 499P, the endurance car that won three Le Mans titles in a row, Reuters reported Saturday (Oct. 25).

The report said the plan thus far is limited in scope, and marks an effort by Ferrari to follow in the footsteps of other luxury brands seeking to tap the growing wealth of younger tech entrepreneurs, as artificial intelligence (AI) and data centers help fuel investment and markets around the world.

However, Ferrari is not new to the digital asset space. As Reuters noted, the Italian company began accepting bitcoin, ethereum and USDC for automotive purchases in the U.S. in 2023 before expanding that service to Europe the following year.

The report said the company has teamed with Italian FinTech Conio to launch the “Token Ferrari 499P” for members of its Hyperclub — exclusive clients who are fans of endurance races — to trade amongst themselves and bid on the racing model. The token is due to debut in 2027.

“This is about strengthening the sense of belonging among our most loyal customers,” Chief Marketing and Commercial Officer Enrico Galliera told Reuters.

The report further noted that this is happening amid a surge in cryptocurrency prices — bitcoin is up 60% in the last year — even as regulators caution that relaxed oversight and speculative trading can lead to risks for investors and financial stability.

According to Reuters, the token will take time to come to fruition. Until then, Conio is applying for a licence under the European Union’s new crypto regulation.

“The potential for development is enormous,” said Conio’s Chief FinTech Strategist and project architect Davide Rallo.

In related news, PYMNTS wrote last month about the idea of bitcoin as an “unambiguous peer-to-peer electronic cash system,” and how the vision is gaining traction across the world of global luxury real estate.

As that report pointed out, credit cards gained early traction among business travelers and high-net-worth consumers before moving to the mass market. And digital wallets first became fashionable in high-frequency urban transport and eCommerce before reaching suburban grocery stores.

The recent decision by the developer behind Mandarin Oriental, Grand Cayman, to accept cryptocurrency for its multimillion-dollar private residences marks the latest example of this larger trend.

“We’re introducing cryptocurrency as a payment option in response to growing buyer interest,” Gregory Surabian, senior managing director of Melkonian Capital Management, the developer leading the project’s residential sales, told PYMNTS.

“Many of our buyers already hold digital assets, so giving them the option to purchase with crypto makes the process more convenient and aligned with how they manage their portfolios.”