Volcon Inc. (NASDAQ:VLCN) shares soared more than 300% after the electric off-road vehicle maker announced a dramatic shift in strategy, fueled by a $500 million private placement aimed at building a substantial Bitcoin treasury.
The Austin-based company disclosed that it has entered into securities purchase agreements with institutional and accredited investors to sell roughly 50.1 million common shares at $10.00 each. Volcon plans to allocate at least 95% of the proceeds toward acquiring Bitcoin, which it now considers its “primary treasury reserve asset.”
The financing round was led by Empery Asset Management, with additional backing from a mix of crypto-native investors—such as FalconX, Pantera, Borderless, RK Capital, and Relayer Capital—and traditional financial institutions. The transaction is expected to close around July 21, 2025.
In conjunction with the strategic pivot, Volcon named Ryan Lane, co-founder and Managing Member at Empery, as co-CEO and Chairman of the Board. Three additional members from Empery will also join Volcon’s board, effective immediately.
“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 John Kim, co-CEO of Volcon. Kim will remain in charge of the electric vehicle segment, which the company will continue to operate under what it calls an “asset-light, low working capital model.”
To implement its Bitcoin strategy, Volcon has partnered with Gemini Nustar LLC, an affiliate of Gemini Trust Company. Clear Street LLC acted as the lead placement agent, with Aegis Capital Corp. serving as co-placement agent and exclusive financial advisor on the deal.
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