Volcon secures over half a billion dollars for Bitcoin reserve strategy
In a groundbreaking move, Volcon, a leading power sports company, has announced a strategic shift in its financial strategy, allocating over 95% of its recent $500 million private placement proceeds towards Bitcoin acquisition. This deliberate decision positions Bitcoin as a core treasury asset and integrates digital assets into mainstream corporate finance, signifying a foundational part of its balance sheet rather than a speculative side investment.
The company's leadership, including Ryan Lane, Co-CEO and Chairman of the Board, and Rohan Chauhan, Director of Strategy at Gemini, have expressed their excitement about this move. Lane stated, "The formation of the team reflects our strong conviction in Bitcoin as the digital store of value for the future and our belief in the blockchain as a trusted network for many future applications."
To efficiently manage its Bitcoin holdings, Volcon has entered into a Strategic Digital Assets Services Agreement with Gemini, a leading cryptocurrency exchange and custodian. Brad Vopni, Head of Institutional at Gemini, expressed confidence in Gemini's ability to deliver world-class execution and institutional-grade custody to Empery Digital, the new name the company plans to adopt, along with an updated ticker, EMPD.
Rohan Chauhan joined the Board to serve as a bridge between traditional finance and the digital asset ecosystem. He looks forward to helping shape how institutions engage with Bitcoin at scale and building a strategy designed for resilience, transparency, and global investor confidence.
The private placement attracted participation from a diverse range of investors, including crypto-focused venture firms like FalconX, Pantera, Borderless, and Relayer Capital, as well as traditional financial investors and company insiders. This broad investor base indicates confidence in Volcon's strategic direction.
John Kim, co-CEO of Volcon, and Matthew Homer, a Board member of Gemini Trust Company and managing member of venture capital firm The Venture Dept., have also joined the Board of Empery Digital, Inc. Homer brings extensive experience in digital assets and regulations to the table.
The Volcon Power Sports division will continue to reposition the power sports business to an asset light business with limited working capital requirements. The company plans to change its name to Empery Digital, Inc., and update its ticker to EMPD, while the power sports division will adopt the name Empery Mobility.
By establishing this Bitcoin treasury strategy and raising over $500 million in seven days, the companies involved have demonstrated their capabilities and their commitment to digital assets as a foundational part of their financial strategies. Lane concluded, "We are excited to operate a low cost, capital efficient, globally trusted bitcoin treasury strategy."
- Venture capital firms such as FalconX, Pantera, Borderless, and Relayer Capital, in addition to traditional financial investors and company insiders, have shown their faith in Volcon's strategic direction by participating in the private placement, investing over $500 million.
- To ensure efficient management of its Bitcoin holdings, Volcon has opted to integrate digital assets service provider Gemini, integrating digital assets into its business strategy and positioning them as a core aspect of its financial plan, a move that underscores its commitment to investing in technology and digital finance.
