Ferrari is set to enhance its presence in the cryptocurrency sector by introducing a digital token that enables its affluent supporters to participate in bidding for the iconic racing car, the Ferrari 499P, renowned for its victory at Le Mans.

The Italian luxury automaker will unveil the “Token Ferrari 499P” in collaboration with fintech company Conio, exclusively for members of its Hyperclub—a select network of just 100 elite clients passionate about endurance racing, according to a recent report by Reuters.

“This is about strengthening the sense of belonging among our most loyal customers,” Enrico Galliera, Ferrari’s chief marketing and commercial officer, reportedly stated.

Token holders can trade among each other and engage in exclusive auctions, including one for the famed 499P. The initiative will coincide with the start of the 2027 World Endurance Championship season.

Ferrari 499P
Ferrari 499P. Source: Wikimedia

Ferrari has previously demonstrated its commitment to embracing cryptocurrency. In 2023, the company began accepting Bitcoin (BTC), Ether (ETH), and USDC (USDC) as payment for car purchases in the United States. This service was later expanded to Europe.

Although dealers are not required to handle cryptocurrencies directly, the payment tools automatically convert customers’ cryptocurrencies into fiat and transfer them to bank accounts without hassle.

Conio, currently pursuing a license under the EU’s Markets in Crypto-Assets (MiCA) regulation, calls this project a significant step in luxury tokenization, asserting that “the potential for development is enormous,” according to Davide Rallo, Conio’s chief fintech strategist.

Ferrari’s initiatives come on the heels of a 40% increase in the number of crypto millionaires this year, swelling their ranks to 241,700, spurred by a Bitcoin resurgence and a broader market uptrend that pushed the total cryptocurrency market capitalization above $3.3 trillion by mid-2022.

Meanwhile, the number of individuals with more than $100 million in crypto rose by 38% to 450, and crypto billionaires have increased by 29% to 36 this year.