Volcon has completed its previously announced private placement, raising gross proceeds of over $500 million. It has now launched its Bitcoin treasury strategy, planning to allocate more than 95% of the gross proceeds from the private placement toward acquiring BTC.
The placement included participation from prominent crypto venture capital firms and blockchain infrastructure providers such as FalconX, Pantera, Borderless, and Relayer Capital, along with strong involvement from leading traditional financial investors and significant participation from the management team and board of directors.
The company aims to develop a trusted global Bitcoin treasury strategy, offering investors opportunities to invest in the Company through additional listings on multiple trading platforms. In the coming weeks, Volcon plans to change its name to Empery Digital, Inc., and update its ticker to EMPD. The Volcon Power Sports division also intends to adopt the name Empery Mobility.
To execute this Bitcoin treasury strategy successfully, the company has entered into a Strategic Digital Assets Services Agreement with Gemini, a crypto platform founded in 2014 by Cameron and Tyler Winklevoss.
Before announcing this deal, the company had purchased BTC using cash from its existing balance sheet and has since accelerated these purchases. The net proceeds from the transaction have already been credited to the company’s custodial accounts at Gemini, and additional Bitcoin purchases have started.
As of now, the company holds 280.14 BTC, including 235.83 BTC received in lieu of cash subscriptions in the private placement. Since announcing the transaction, the Company has not conducted any equity sales under its existing at-the-market sales agreement, and all future sales will depend on market conditions.
The company has appointed Ryan Lane, Ian Read, Rohan Chauhan, and Matthew Homer to serve on the Board of Directors until elections are held at the next shareholder meeting.
Ryan Lane, a founder and principal at Empery Asset Management, has joined the Company as Co-CEO and Chairman of the Board. He will lead the treasury strategy with a focus on a low-cost, broadly listed, and investor-oriented approach.
Ian Read, former CEO and Chairman of Pfizer, has joined the Board with 40 years of senior management and corporate governance experience, helping to establish an institutionally disciplined approach to the Bitcoin treasury strategy.
Rohan Chauhan, Director of Strategy at Gemini, has joined the Board to serve as a bridge between traditional finance and the digital asset ecosystem. The combined expertise from these disciplines positions Empery Digital to successfully implement its Bitcoin treasury strategy.
Matthew Homer, a Board member of Gemini Trust Company and managing member of venture capital firm The Venture Dept., has also joined the Board, bringing extensive experience in digital assets and regulations to navigate the evolving digital landscape.
KEY QUOTES:
“Gemini is uniquely positioned to deliver Empery Digital world-class execution and institutional-grade custody with a regulatory-first foundation earned over a decade at the forefront of crypto.”
Brad Vopni, Head of Institutional at Gemini
“I look forward to fulfilling our promises to investors by operating a low cost, capital efficient, globally trusted bitcoin treasury strategy that will stand the test of time. The formation of this team reflects our strong conviction in Bitcoin as the digital store of value for the future and expresses our belief in the blockchain as a trusted network for many future applications. Establishing this bitcoin treasury strategy and raising over $500 million in seven days was a monumental effort that demonstrates the capabilities of the organizations and the individuals involved.”
Ryan Lane, co-founder and Principal of Empery Asset Management
“Joining the board at this inflection point is a chance to help shape how institutions engage with Bitcoin at scale. With Gemini’s secure infrastructure enabling Empery Digital’s long-term strategy, we are building a strategy designed for resilience, transparency, and global investor confidence in the digital asset future.”
Rohan Chauhan, Director of Strategy at Gemini
“We are excited to implement this bitcoin treasury strategy as we continue to reposition the power sports business to an asset light business with limited working capital requirements that leverages our international relationships to source affordable products into the U.S.”
John Kim, co-CEO of Volcon
