TechFlow, July 17 — According to Businessinsider, NASDAQ-listed electric vehicle company Volcon (NASDAQ:VLCN) announced a private placement financing exceeding $500 million, planning to allocate at least 95% of the funds to purchase Bitcoin as its primary reserve asset. The funding round was led by Empery Asset Management, with participation from prominent crypto venture investors including FalconX, Pantera, and Borderless.
Volcon Co-CEO John Kim said that in an era of accelerating currency devaluation, holding Bitcoin is a strategic move to protect shareholder value. The transaction is expected to close on July 21.
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