Ferrari minting crypto to auction off Le Mans-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

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.

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 AI and data centres 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.