Nasdaq-listed electric vehicle manufacturer Volcon announced the successful completion of a private funding round with gross proceeds exceeding $500 million.
Volcon Raises $500 Million for Bitcoin Treasury Strategy
The company is officially launching a Bitcoin treasury strategy, using 95% of the proceeds. Volcon’s main partner in this strategic move is the leading cryptocurrency exchange Gemini.
Volcon’s funding round attracted strong interest from prominent crypto venture capital firms and blockchain infrastructure providers, including FalconX, Pantera Capital, Borderless, and Relayer Capital. Members of the company’s board of directors and traditional financial institutions also participated in the investment process.
“Volcon aims to offer investors the opportunity to invest in a reliable treasury strategy focused on Bitcoin through new listings that will be traded on different exchange platforms,” the company said in a statement.
Volcon will rebrand as “Empery Digital” in the coming weeks, operating under the ticker symbol “EMPD.” Its existing powersports vehicle division will be renamed “Empery Mobility.”
According to the company’s statement, net proceeds from the funding round have already been transferred to Gemini’s custody accounts. Volcon had also begun building its Bitcoin treasury by purchasing 280.14 BTC prior to this announcement.
Volcon’s move highlights the growing popularity of Bitcoin as a reserve asset strategy among institutional firms. As of July 21st, the total holdings of Bitcoin treasury firms excluding Tesla, Coinbase, and Block reached a peak of 745,580 BTC. Michael Saylor’s Strategy firm holds the largest share of this holding, with 601,550 BTC.
Volcon shares closed down 2.16% at $16.74 on Monday but have risen more than 116% over the past five days. This volatility reflects investor interest and market expectations for the company’s Bitcoin strategy.
*This is not investment advice.
