Volcon Raises $500M to Acquire Bitcoin as Primary Reserve Asset in Strategic Move

Volcon (NASDAQ: VLCN), an electric vehicle manufacturer, has secured over $500 million in private financing, primarily earmarked for acquiring Bitcoin as its main reserve asset. This strategic allocation, representing at least 95% of the raised capital, underscores the company’s commitment to leveraging digital assets to safeguard shareholder value amid persistent currency depreciation. The funding round was spearheaded by Empery Asset Management, with significant contributions from prominent crypto-focused venture capital firms including FalconX, Pantera, and Borderless. Volcon’s Co-CEO, John Kim, emphasized that this move aligns with the company’s long-term financial resilience strategy. The transaction is anticipated to finalize on July 21, marking a notable intersection between the electric vehicle sector and cryptocurrency investment trends.