TechFlow, July 28 — According to Businesswire, Volcon (Nasdaq: VLCN) announced the purchase of an additional 316.8 bitcoins since July 25 at a total cost of $37.3 million. At the time of reporting, the company holds 3,500.18 bitcoins with a total investment of approximately $412 million and an average acquisition cost of $117,683. The company has reduced its bitcoin acquisition costs through derivatives strategies and sold certain short-term put options with strike prices ranging from $115,000 to $118,000.
Notably, Volcon has changed its name to Empery Digital Inc. and transferred its bitcoin holdings into segregated cold storage. The company previously completed a $500 million private placement and plans to allocate over 95% of the funds toward bitcoin acquisitions.
