Volcon Raises $500M for Bitcoin Strategy

Volcon, a Nasdaq-listed electric vehicle manufacturer, announced on Monday the completion of its private placement, raising over $500 million in gross proceeds. The company is set to launch its bitcoin treasury strategy using 95% of the funds, partnered with Gemini. The private placement attracted several crypto venture capital firms and blockchain infrastructure players, including FalconX, Pantera, Borderless, and Relayer Capital. Traditional finance investors, as well as Volcon's management team and board, also participated. In a press release, Volcon stated, 'The company intends to build a trusted global bitcoin treasury strategy, offering investment opportunities through additional listings on various trading platforms.' Volcon plans to rebrand itself as Empery Digital and will trade under the new ticker EMPD in the coming weeks. The powersports segment, known as Volcon Power Sports, will be renamed Empery Mobility. The new bitcoin treasury will be formed through a strategic partnership with the Gemini crypto exchange. The net proceeds from the private placement are already deposited in Volcon's custodial accounts at Gemini. Currently, Volcon holds 280.14 BTC, having made earlier purchases before this announcement. As of Monday, Volcon’s stock closed down 2.16% at $16.74, but saw an increase of 116.28% over the last five days, according to Yahoo Finance data. As of July 21, bitcoin treasury companies, excluding Tesla, Coinbase, and Block, collectively owned a total of 745,580 BTC valued at $87.7 billion, with Michael Saylor's strategy holding 601,550 BTC, according to data from The Block. **Disclaimer**: The Block serves as an independent media outlet providing news and data. As of November 2023, Foresight Ventures is a majority investor in The Block and invests in other crypto companies. Bitget crypto exchange is an anchor LP for Foresight Ventures. The Block operates independently to provide objective and timely information about the crypto industry. The content is for informational purposes only and is not professional advice.