The publicly listed company Volcon has purchased 280.14 Bitcoins for the first time and completed a private sale financing of over $500 million to acquire Bitcoins.

On July 22, the US-listed electric vehicle company Volcon purchased 280.14 Bitcoins for the first time and completed a private sale financing of over $500 million to buy Bitcoin. BlockBeats previously reported that on July 17, the electric vehicle company Volcon announced it would adopt a Bitcoin financial strategy, having reached a securities purchase agreement with certain institutions and accredited investors to privately purchase and sell 50,142,851 shares of common stock at a price of $10 per share, with expected total proceeds exceeding $500 million, excluding placement agent fees and other issuance costs (private sale). Empery acted as the lead investor, and participants in this issuance included well-known crypto venture capital firms and infrastructure providers such as FalcolnX, Pantera, Borderless, RK Capital, and Relayer Capital, as well as TradFi investors.