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Volcon, a US-listed company, plans to raise $500 million, 95% of which will be used to purchase Bitcoin
Odaily News Volcon (NASDAQ: VLCN), a US-listed electric vehicle company, announced a private placement financing of more than $500 million, and plans to use at least 95% of the funds to purchase Bitcoin as the companys main reserve asset. The financing was led by Empery Asset Management, and participated by well-known crypto venture capital institutions such as FalcolnX, Pantera, and Borderless.
John Kim, co-CEO of Volcon, said that holding Bitcoin is a strategic move to protect shareholder value in an era of accelerated currency depreciation. The transaction is expected to be completed on July 21. (Businessinsider)
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