US electric car company Volcon to adopt Bitcoin financial strategy, has raised $500 million

According to Foresight News, US electric vehicle company Volcon announced that it will adopt a Bitcoin financial strategy. It has reached securities purchase agreements with certain institutions and qualified investors to purchase and sell 50142851 ordinary shares in a private placement at a price of $10 per share, with an expected total revenue of over $500 million, after deducting placement agency fees and other issuance expenses (private placement). Empery serves as the lead investor, and the participants in this offering include well-known cryptocurrency venture capital firms and infrastructure providers such as FalcolnX, Pantera, Borderless, RK Capital, and Relayer Capital, as well as traditional financial investors. This issuance is expected to be completed around July 21, 2025, subject to meeting customary closing conditions. The company plans to immediately use at least 95% of its total revenue to acquire Bitcoin, which will serve as the company's primary financial reserve asset.