Volcon acquires additional bitcoin, holds 3,500 BTC at $117,683 average

AUSTIN, Texas - Volcon, Inc. (NASDAQ:VLCN), a $602.45 million market cap company which plans to change its name to Empery Digital Inc., announced Monday it has acquired an additional 316.8 bitcoin for $37.3 million as part of its cryptocurrency acquisition strategy. According to InvestingPro data, the company maintains a strong cash position, with liquid assets exceeding short-term obligations.

The company now holds 3,500.18 bitcoin purchased for approximately $412 million, representing an average purchase price of $117,683 per bitcoin. According to the company’s press release statement, this price reflects benefits from premiums received through derivative sales that helped reduce the cost basis. The stock, currently trading at $13.40, has shown significant volatility this year with a -61.67% year-to-date return.

Volcon also sold additional short-term put contracts that could allow the company to purchase more bitcoin at strike prices between $115,000 and $118,000 in the near future.

"Since closing on the $500 million private placement, the Gemini OTC desk has executed flawlessly with the Volcon treasury team," said Ryan Lane, Co-CEO & Chairman of Volcon.

The company noted it has moved its bitcoin holdings to segregated cold storage for security purposes.

Volcon adopted its bitcoin treasury strategy on July 17, 2025, with the stated goal of becoming "a leading, low cost, capital efficient, globally trusted aggregator of bitcoin." The company was originally founded as an all-electric power sports vehicle manufacturer.

The name change to Empery Digital Inc. is expected to take place this week, according to the company’s announcement. Investors looking to track this transformation can access detailed financial metrics and 14 additional exclusive insights through InvestingPro, with the company’s next earnings report scheduled for August 8, 2025.

In other recent news, Volcon Inc. has made significant financial moves, including the acquisition of over 3,000 Bitcoin for approximately $375 million, positioning Bitcoin as a central part of its treasury strategy. The company raised over $500 million through a private placement, with plans to allocate more than 95% of these funds to Bitcoin purchases. This strategic shift towards Bitcoin investment was facilitated by a Strategic Digital Assets Services Agreement with Gemini. As part of this move, Volcon has received 235.83 BTC in lieu of cash subscriptions during the private placement. Additionally, Volcon announced a 1-for-8 reverse stock split, reducing the number of outstanding shares from 4.3 million to 0.54 million, effective June 12, 2025. Despite these changes, the authorized share count will remain at 250 million. The company’s recent activities underscore a significant pivot towards cryptocurrency as a primary treasury reserve asset.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.