PANews reported on July 17 that according to investing, Volcon, an American electric car company, announced that it would adopt a Bitcoin financial strategy. It has reached a securities purchase agreement with certain institutions and qualified investors to purchase and sell 50,142,851 shares of common stock in a private placement at a price of $10 per share, with an estimated total proceeds of more than $500 million, excluding placement agent fees and other issuance expenses (private placement). Empery served as the lead investor, and participants in the offering included well-known crypto venture capital firms and infrastructure providers such as FalcolnX, Pantera, Borderless, RK Capital and Relayer Capital, as well as traditional financial investors. The offering is expected to be completed around July 21, 2025, subject to customary closing conditions. The company plans to immediately use at least 95% of the total proceeds to acquire Bitcoin, which will serve as the company's main financial reserve asset.