Electric off-road vehicle manufacturer Volcon has announced a plan to acquire approximately $470 million worth of Bitcoin. This significant investment forms the core component of a larger $500 million capital raise initiative.
The Bitcoin acquisition strategy is led by Empery Asset Management and includes participation from specialized cryptocurrency firms such as FalconX and Pantera Capital. Volcon’s leadership framed the substantial Bitcoin purchase as a deliberate hedge against inflation and currency devaluation, aiming to align the company with the burgeoning digital economy in a manner reminiscent of firms like MicroStrategy.
Following the announcement, Volcon’s stock price surged nearly 135%. This positive investor reaction occurred despite the company’s recent financial struggles, which included a 35% share price decline over the past year and reported losses exceeding $45 million in 2024.
At the time of disclosure Bitcoin traded near $120,200, showing a weekly gain of approximately 3%. This price point likely influenced Volcon’s timing for the acquisition. The move underscores the expanding trend of corporations incorporating Bitcoin into their treasury strategies. Currently, over 140 companies reportedly hold a collective sum exceeding $102.2 billion in Bitcoin treasury reserves.