- Volcon secures $500M funds, shifts focus to strategic bitcoin treasury.
- Company rebrands as Empery Digital, signals deeper move into crypto.
- Partnership with Gemini ensures safe storage, execution for bitcoin holdings.
Volcon, a Nasdaq-listed electric vehicle company, is making big moves. On Monday, the company announced it has closed a private placement worth over $500 million in gross proceeds. This is a huge step into the future of the company as it gears up to introduce a new bitcoin treasury strategy.
Volcon Holds 280 Bitcoin, Rebrands as Empery Digital for Crypto Focus.
Volcon states that 95% of the money collected will directly be used in creating this bitcoin treasury. So that this can come into reality, Volcon has collaborated with Gemini. Gemini is a popular crypto exchange, which was launched in 2014 by the Winklevoss brothers, Cameron and Tyler. The collaboration will assist Volcon to handle its bitcoin in a secure and reliable manner.
Gemini Head of Institutional Brad Vopni spoke on the transaction. According to him, Gemini is open to offeringVolcon superior execution and secure storage of its bitcoin. He also emphasized a good regulatory history of Gemini, which provides additional confidence to investors.
As of current, Volcon has 280.14 bitcoin in the treasury. Of this, 235.83 BTC were the amount of investors who had decided to pay in bitcoin rather than cash in the course of the private placement. This depicts increasing confidence in bitcoin as a reserve asset.
To keep up with this new course, Volcon will be renaming itself soon. Volcon will change to Empery Digital, Inc. in the next few weeks. It will also change its stock ticker to EMPD. In the meantime, the name of the Volcon Power Sports division will change to Empery Mobility. These shifts have been as a result of the company no longer focusing on electric vehicles only but a wider digital finance plan.
Volcon aims at establishing a credible international bitcoin treasury that presents investors with new possibilities. The company is desiring to have more investors through listing of its shares on other trading markets. The step would assist conventional investors in having access to bitcoin without necessarily owning it.
Volcon Bridges EV Sector and Crypto with Bold Treasury Bitcoin Move
Volcon is not alone in this strategy. Other corporations are also expanding their bitcoin treasuries. For example, The Smarter Web recently purchased another 230 BTC to increase its portfolio. In a similar manner, H100 Group has secured 14.1 million dollars to increase its personal bitcoin supply. These firms are sure that bitcoin could be a protection against inflation and long-term value.
The money in Volcon private placement is already secured in custodial accounts at Gemini. At this point, the company has not issued any new shares under its agreement of at-the-market sales. The future sales will rely on the conditions and the demand in the market.
Volcon is not only an electric vehicle company but also a part of the trend of keeping bitcoin as a treasury asset. It is venturing into the emerging digital asset world. This demonstrates the rapid rate at which the worlds of the traditional industries and crypto are converging.
To sum up, the $500 million raise and the new bitcoin plan of Volcon are a significant turning point. Its collaboration with Gemini will also guarantee that its bitcoin will be handled in a secure and open fashion. With Volcon rebranding to Empery Digital, it is most likely that it will still attract new investors who believe in both electric vehicles and digital assets. Such a brave move might encourage other companies to go the same way soon.
