Volcon Raises Over $500 Million to Launch Bitcoin Financial Strategy

On July 17, it was reported that American electric vehicle company Volcon announced the adoption of a Bitcoin financial strategy. The company has entered into securities purchase agreements with certain institutions and qualified investors for the private placement purchase and sale of 50,142,851 shares of common stock at a price of $10 per share, with total expected proceeds exceeding $500 million, after deducting placement agent fees and other offering expenses (private placement). Empery is serving as the lead investor, and participants in this 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 close 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 primary financial reserve asset.