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Volcon has raised over $500 million to launch a Bitcoin financial strategy
BlockBeats News, July 17th, Volcon, a US electric vehicle company, announced that it will adopt a Bitcoin financial strategy. The company has entered into securities purchase agreements with certain institutions and accredited investors to privately issue and sell 50,142,851 shares of common stock at a price of $10 per share, with expected total proceeds exceeding $500 million, net of placement agent fees and other offering expenses (private placement). Empery is the lead investor, and participants in this issuance include well-known crypto venture capital firms and infrastructure providers such as FalconX, Pantera, Borderless, RK Capital, and Relayer Capital, as well as traditional financial investors. The issuance 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 purchase Bitcoin, which will serve as the company's primary financial reserve asset.
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