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Electric vehicle maker Volcon has raised over $500 million through a private placement, marking a bold move into the crypto space. The Nasdaq-listed company is committing 95% of the proceeds to a new bitcoin treasury strategy, partnering with crypto exchange Gemini for custody and strategic support.
The funding round attracted major crypto venture firms, including FalconX, Pantera Capital, Borderless, and Relayer Capital. Traditional finance investors, along with Volcon’s management team and board of directors, also participated. Volcon has already begun acquiring bitcoin and currently holds 280.14 BTC in its custodial accounts at Gemini.
Volcon plans to rebrand as Empery Digital in the coming weeks, trading under the new ticker EMPD. Its powersports division will be renamed Empery Mobility. The company aims to build a trusted global bitcoin treasury strategy, offering investors exposure to crypto through listings on multiple trading markets.
