According to ChainCatcher, citing Businessinsider, Volcon (NASDAQ:VLCN), a publicly traded electric vehicle company, announced private financing of over $500 million, with plans to use at least 95% of the funds to purchase Bitcoin as the company's primary reserve asset. The financing was led by Empery Asset Management, with participation from well-known crypto venture capital firms such as FalcolnX, Pantera, and Borderless.
Volcon Co-CEO John Kim stated that holding Bitcoin is a strategic move to protect shareholder value in an era of accelerating currency devaluation. The transaction is expected to be completed on July 21.
