Volcon Announces $500 Million Private Placement for Bitcoin Acquisition
Volcon Inc. (NASDAQ: VLCN), an electric off-road vehicle manufacturer, today announced a $500 million private placement to fund a new Bitcoin treasury strategy. The company plans to use at least 95 percent of the proceeds to buy Bitcoin, making it Volcon's primary treasury reserve asset. The move aligns Volcon with other corporate Bitcoin adopters like MicroStrategy, signaling confidence in Bitcoin as a store of value.
“In an era of accelerating monetary debasement, holding Bitcoin on our balance sheet represents a strategic move to safeguard shareholder value and align with a digital future,” said Volcon co-CEO John Kim. “We are excited to work alongside Ryan and Gemini to implement this Bitcoin treasury strategy as our EV business continues to evolve.”
Private Placement Details and Investor Participation
The placement involves the sale of over 50 million shares at $10 each to institutional and accredited investors. Empery Asset Management acted as lead investor, with participation from crypto firms such as FalconX, Pantera Capital, Borderless Capital, RK Capital, and Relayer Capital, alongside traditional financial investors. The structure allows Volcon to raise substantial capital efficiently while bringing in strategic partners from both the crypto and traditional finance worlds.
“I look forward to working with the Volcon and Gemini teams to operate a low cost, capital efficient, best of breed, Bitcoin treasury strategy reflecting our strong conviction in Bitcoin as the digital store of value for the future,” stated Ryan Lane, co-founder and Managing Member of Empery Asset Management. “Three additional members from the Empery team will join Volcon with me to strategically operate this strategy.”
Timeline and Gemini Partnership
The transaction is expected to close around July 21, 2025. To execute its Bitcoin strategy, Volcon has signed a strategic digital assets services agreement with Gemini Nustar LLC. Under this agreement, Gemini will provide custody, trading, and other digital asset services to support Volcon's Bitcoin purchases and ongoing treasury management.
“In working with Empery, we are combining their deep expertise in capital markets with Gemini's leadership in digital asset innovation to unlock new opportunities across the financial landscape,” said Rohan Chauhan, Director of Strategy at Gemini. The partnership ensures Volcon has the operational infrastructure to implement its Bitcoin strategy efficiently and securely. Once the transaction closes, Volcon is expected to begin purchasing Bitcoin promptly, though specific amounts and price targets were not disclosed.