In short
- Maker of electric vehicles Volcon said that it collected $ 500 million to feed a Bitcoin treasury.
- The shares of the company rose on Thursday by almost 135% after the announcement.
- It is one of the dozens of companies that invest in Bitcoin, perhaps looking for its through -hanging shares.
Shares of electric vehicle maker Volcon Stegen on Thursday nearly 135% after the company had announced that it would pick up $ 500 million to start a Bitcoin Treasury, Participate in a growing number of companies that build BTC treasuries as an important part of their business strategies.
The company has concluded an agreement to sell 50,142,851 shares of its normal shares at $ 10 per share through a private placement, according to the statement. The company will use 95% of the approximately $ 500 million that it comes up to buy Bitcoin.
“In an era of accelerating monetary debasement, keeping Bitcoin on our balance sheet is a strategic step to protect the shareholder value and to tailor to a digital future,” said Volcon Co-CEO John Kim in a statement on Thursday.
The deal comes as a whole series of public companies Bitcoin and other cryptocurrencies to their balance sheets to improve their financial data. The company reported A net loss of more than $ 45 million in 2024. The stock price of Volcon has fallen by more than 35% this year.
Michael Saylor’s software company Strategy, which started buying billions of dollars in Bitcoin in 2020, made the Playbook popular and now has more than $ 72 billion in BTC.
More than 140 companies have added Bitcoin to their treasury, with a combined total of $ 102.2 billion in the cryptocurrency, according to data from bitocointreasuries.net. The interests of the strategy are good for more than two -thirds of that amount, according to the same data. Gambing Marketing Company Sharplink And Defi Development Corp. Among other things, in recent months have played in recent months for building ethereum and Solana treasuries respectively.
Empery Asset Management leads the private placement of Volcon, with the participation of Falconx, Pantera, Borderless, RK Capital and Relayer Capital. It is expected to close around July 21.
Volcon is a designer, developer and seller of electric off-road power sports vehicles based in Texas. The product line includes the Snotaap, a motor-like vehicle for city people and the Grom e-bike for ‘hunting and health care’.
Bitcon recently traded at around $ 120,200, an increase of approximately 3% in the past week, according to Crypto Markets Data Provider Coingecko.
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