Publicly traded company Volcon has made its first purchase of 280.14 bitcoins and completed a over $500 million private placement to acquire Bitcoin.

BlockBeats News, July 22nd, the U.S. publicly traded electric vehicle company Volcon made its first purchase of 280.14 bitcoins and completed over $500 million in private financing to acquire bitcoin.

BlockBeats previously reported that on July 17th, the electric vehicle company Volcon announced it would adopt a bitcoin financial strategy. It has entered into securities purchase agreements with certain institutions and accredited investors to privately purchase and sell 50,142,851 shares of common stock at a price of $10 per share, with expected total proceeds exceeding $500 million, net of placement agent fees and other offering expenses (private placement). Empery led the round, with participants including well-known crypto venture capital firms and infrastructure providers such as FalconX, Pantera, Borderless, RK Capital, and Relayer Capital, as well as traditional financial investors.