The global electric vehicle industry is witnessing a bold turning point when Volcon, an electric vehicle company listed on the Nasdaq, officially raised more than 500 million USD to invest in Bitcoin. This is considered one of the largest deals combining the mobile industry and digital assets in recent times, opening a new era for the trend of Web3 combining industry - something that HVA Group is also strongly pursuing in the Vietnamese market.
Volcon “Collects” Bitcoin and Changes Name to Empery Digital
According to the official announcement, 95% of the raised funds, equivalent to approximately $475 million, will be used by Volcon to build a Bitcoin treasury. The digital asset custody partner is the Gemini exchange, where all of this capital was transferred to a custody account immediately after the completion of the fundraising round. Before the announcement, Volcon had also quietly “collected” 280.14 BTC.
In line with its digital asset strategy, Volcon plans to change its name to Empery Digital, with a new Nasdaq ticker symbol of EMPD. Its outdoor sports vehicle business will be rebranded as Empery Mobility, paving the way for a multi-axis model that combines the electric vehicle industry, mobile energy and digital assets.
“Awesome” leadership team and long-term commitment
This round of funding was led by Empery Asset Management, with participation from many big names in the finance and blockchain industry such as FalconX, Pantera, Borderless Capital, Relayer Capital. Many key figures have joined the Volcon leadership team, notably:
- Ryan Lane – Co-founder of Empery Asset Management, holding the role of Co-CEO and Chairman.
- Ian Read – Former CEO Pfizer.
- Rohan Chauhan and Matthew Homer – Representative from Gemini Trust, adding crypto expertise to the team.
In particular, key leaders are granted stock options with an exercise price of $10/share and a term of 10 years, demonstrating a long-term commitment to the new strategic vision.
Volcon Stock: Preparing for Growth Phase
Ahead of the fundraising, Volcon conducted a 1:8 reverse stock split to increase its appeal to institutional investors. The number of outstanding shares fell from more than 4 million to less than 600,000.
Despite a slight drop of 2,16% in the first trading session of the week, Volcon's stock price still increased sharply by 1,20% in just 5 days. This shows investors' confidence in the new strategy, especially when the company simultaneously expanded its traditional operations with an order of 1,000 golf carts from Advanced EV and restarted its stock buyback program.
Bitcoin in global corporate strategy
As of July 21, companies pursuing a Bitcoin treasury strategy (excluding Tesla, Coinbase, and Block) held a total of 745,580 BTC, worth about $87.7 billion. Michael Saylor's MicroStrategy still leads the pack with 601,550 BTC.
With this bold move, Volcon – Empery Digital is affirming its pioneering position in integrating digital assets into its long-term growth strategy. And it also shows that this trend will soon spread across emerging markets – where HVA Group is expected to become one of the leading units.
