Volcon raises over $500 million for Bitcoin treasury plan

Volcon has successfully closed a private placement and raised more than $500 million in gross proceeds. The company has now introduced its Bitcoin treasury strategy, intending to allocate over 95% of the funds from the private placement towards acquiring BTC.

Participating in the placement were well-known crypto venture capital firms and blockchain infrastructure providers such as FalconX, Pantera, Borderless, and Relayer Capital. Additionally, traditional financial investors, the management team, and the board of directors showed significant interest in the offering.

In its quest to establish a reliable global Bitcoin treasury strategy, Volcon – soon to be renamed Empery Digital, Inc. – plans to offer investors additional opportunities to invest in the company through various trading platforms. The company’s Power Sports division will also take on the name Empery Mobility.

To effectively implement their Bitcoin treasury strategy, Volcon has entered into a Strategic Digital Assets Services Agreement with Gemini, a prominent crypto platform founded by Cameron and Tyler Winklevoss in 2014.

Before finalizing this agreement, the company had already begun purchasing BTC using funds from its existing balance sheet. Following the completion of the private placement, the company has deposited the net proceeds into custodial accounts at Gemini. Subsequent Bitcoin purchases have been initiated to boost their BTC holdings.

Currently, the company possesses 280.14 BTC, of which 235.83 BTC were acquired in exchange for cash subscriptions during the private placement. Volcon has refrained from selling any equity under its existing at-the-market sales agreement since the transaction, and any future sales will be contingent on market conditions.

Furthermore, Volcon has appointed Ryan Lane, Ian Read, Rohan Chauhan, and Matthew Homer to serve on the Board of Directors until the next shareholder meeting. Ryan Lane, Co-CEO and Chairman of the Board, aims to lead the treasury strategy by prioritizing a low-cost, broadly listed, and investor-centric approach.

Ian Read, former CEO and Chairman of Pfizer, brings his 40 years of experience in senior management and corporate governance to the Board. His expertise ensures an institutionally disciplined approach to the Bitcoin treasury strategy.

Rohan Chauhan, Director of Strategy at Gemini, acts as a connection between traditional finance and the digital asset ecosystem. By leveraging the combined knowledge of these disciplines, Empery Digital is well-positioned to execute its Bitcoin treasury strategy successfully.

Lastly, Matthew Homer, also a Board member at Gemini Trust Company and managing member of The Venture Dept., brings a wealth of experience in digital assets and regulations to the Board, helping navigate the evolving digital landscape.

In conclusion, Volcon’s completion of the private placement and launch of its Bitcoin treasury strategy in partnership with Gemini signifies a strategic move towards establishing a robust digital asset portfolio. Through a collaborative effort with key stakeholders and board members, the company is poised to navigate the digital landscape and offer investors unique opportunities to engage with Bitcoin.