Electric vehicle manufacturer Volcon has taken a dramatic leap into the cryptocurrency world, raising over $500 million through a private placement. The Nasdaq-listed company is putting a staggering 95% of those funds into a new bitcoin treasury strategy, marking one of the most aggressive moves into crypto by a publicly traded vehicle maker.
Volcon Teams Up with Gemini for Bitcoin Custody and Strategy
To support its new crypto direction, Volcon has partnered with well-known crypto exchange Gemini. The platform will serve as the custodian for Volcon’s bitcoin holdings and also provide strategic advisory services as the company expands into the digital asset space.
So far, Volcon has already acquired 280.14 BTC, securely held in Gemini’s custodial accounts. This initial purchase is part of the company’s broader vision to become a key player in bitcoin treasury management, similar to strategies adopted by firms like MicroStrategy.
Crypto Venture Firms and Traditional Investors Back the Move
The funding round saw participation from major names in crypto venture capital, including Pantera Capital, FalconX, Borderless Capital, and Relayer Capital. Notably, traditional finance investors also joined the round, showing growing confidence in the intersection of Web3 and public companies.
Volcon’s management team and board of directors were also among the investors, signaling strong internal belief in the shift toward a bitcoin-centered strategy.
Rebranding to Empery Digital and Expansion Plans
As part of this major strategic pivot, Volcon is rebranding to Empery Digital in the coming weeks. Its Nasdaq ticker will change to EMPD, and the existing electric powersports division will be renamed Empery Mobility.
The goal is to offer investors direct exposure to bitcoin through a trusted, publicly traded vehicle, combining Volcon’s legacy in mobility with a forward-looking digital asset strategy. The company also plans to list on multiple trading markets, enhancing liquidity and global access to its bitcoin-backed equity.
This move positions Empery Digital as one of the first companies in its sector to fully embrace bitcoin as a core treasury asset, creating a unique investment opportunity at the crossroads of technology, mobility, and decentralized finance.
