Volcon, the American manufacturer of electric vehicles, has announced the adoption of Bitcoin-based financial strategy (BTC). The company has reported the closure of privately owned placements that have raised more than $500 million. Of these, over 95% will be allocated to BTC purchases.
The announcement has made the stock market stronger. Volcon stock rose on July 17th, reaching $41.61 on the announcement date, from 358%, from 9.09. They then fell 60% and closed on July 21st at $16.74.
The following graph provided by TradingView allows you to see how the Volcon action moves:
The companies that are cited under the VLCN symbol in NASDAQ and are looking to become heavy rivals to rivals such as Tesla (and far from reach) were also anticipating a change in corporate identity. Over the next few weeks, he will be taking part in Empery Digital, Inc. The name was adopted, and the electric vehicle division will be renamed Empery Mobility. The new approach seeks to position itself as “global, reliable and efficient costs.” It is also planned to list stocks in several markets to attract new investors.
Similarly, Volcom has formalized an agreement with Gemini, a cryptocurrency exchange founded by the brothers Tyler and Cameron Wincrevos, for institutional custody of the acquired Bitcoin.
According to company data, BTC purchases have already been made prior to the official announcement using resources available in cash. Until July 22nd The company reports tenure of 280.14 BTCof which 235.83 come from subscription subscriptions in private placement. This figure makes Volcon one of the 20 public contribution companies with the most accumulated Bitcoin.
The private place was joined by risk capital companies focused on cryptocurrencies such as Falconx, Panther, Borderless and Relayer Capital. Traditional institutional investors and company board members also intervened.
Volcon Place has operated a low-cost strategy focused on accumulating Bitcoin as a digital value reserve. According to Ryan Lane, co-founder and director of Emperry Asset Management, The aim is to generate global trust among investors and demonstrate the strength of the model In a changing financial environment.
This collection was conducted under the registration exemption required by the US Value Act of 1933. They make it clear that the issued value cannot be sold freely until the registration is completed before the Bag and Securities Commission (SEC). For this reason, No additional sales of actions have been made under previous contracts And, according to the company, future issuance will depend on market conditions.
This strategy illustrates a deep change in Volcon. Volcon aims to reduce operational capital needs and utilize global partnerships to import products into the US market. The company expects a Bitcoin approach as a central asset to drive new stages of financial and institutional growth.
With this movement, Volcon adds a trend for companies to adopt Bitcoin as a strategic reserve asset. This is an example given by strategy. Bitconner Company’s Michael Saylor has been replicated by other corporate institutions in the United States and other countries around the world, as reported by Crypto.