EU and US could reach trade deal this weekend - Reuters
Investing.com -- Volcon Inc (NASDAQ:VLCN) stock jumped 14.6% after the company announced it has acquired 3,183.37 Bitcoin (BTC) for approximately $375 million, representing an average purchase price of $117,697 per BTC.
The company, which now appears to be operating as Empery Digital, revealed that as of July 25, it has implemented a treasury strategy focused on Bitcoin as a "durable, long-term store of value and a powerful treasury reserve asset," according to Co-CEO Ryan Lane.
In addition to its direct Bitcoin purchases, Volcon has sold various short-term put contracts that could enable the company to acquire additional Bitcoin at strike prices of $115,000, $116,000, and $117,000, while collecting option premiums to reduce its overall BTC acquisition costs.
The company also announced an expansion of its stock repurchase program, increasing the authorization to $100 million over the next 24 months. Management indicated this move provides flexibility to support the company’s net asset value (NAV) per share and potentially increase its Bitcoin holdings per share when stock prices trade below NAV.
Repurchases may occur through open market transactions, private negotiations, or other means in accordance with federal securities laws. The company plans to fund any share buybacks from its existing cash reserves.
The timing, quantity, and value of shares to be repurchased will be determined by management based on market conditions, stock price, and other factors, with the board reviewing the program periodically.
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