Volcon Raises Over $500 million to Launch Bitcoin Financial Strategy
2025-07-17 13:15:37
On July 17, Volcon, an American electric vehicle company, announced that it will adopt a bitcoin financial strategy. It has entered into a securities purchase agreement with certain institutions and accredited investors to purchase and sell 50,142,851 shares of common stock in a private placement at a price of $10 per share. The estimated total proceeds exceed $500 million, net of placement agency fees and other issuance expenses (private placement). Empery served as the lead investor. Participants in the offering include well-known crypto venture capital firms and infrastructure providers such as FalcolnX, Pantera, Borderless, RK Capital and Relayer Capital, as well as traditional financial investors. The offering is expected to be completed around July 21, 2025, subject to customary closing conditions. The company plans to immediately use at least 95% of the total proceeds to acquire bitcoin, which will serve as the company's main financial reserve asset.
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