PANews reported on July 22 that according to Businesswire, Volcon, a US-listed electric vehicle company, announced that it had completed its previously announced private placement with total proceeds of more than US$500 million and has now launched its Bitcoin financial strategy, planning to allocate more than 95% of the total proceeds from the private placement to purchase BTC. Participants in the private placement include investors such as FalconX, Pantera, Borderless and Relayer Capital. The net proceeds from the transaction have been credited to the company's custodial account at Gemini, and additional Bitcoin purchases have been initiated. As of today, the company holds 280.14 BTC, including 235.83 BTC obtained in cash subscriptions in the private placement.

The company plans to build a global Bitcoin fund management strategy that will provide investors with the opportunity to invest in the company through the issuance of additional shares on multiple trading markets. In the coming weeks, Volcon plans to change its name to Empery Digital, Inc. and its stock symbol to EMPD. The Volcon Power Sports business plans to adopt the name Empery Mobility.