Volcon, Inc. (Nasdaq: VLCN) has announced the close of a $500 million private placement as it pivots toward a bitcoin-centric treasury strategy. In a significant rebrand, the company plans to change its name to Empery Digital, Inc. and update its ticker symbol to EMPD.

The round saw strong participation from top crypto investors, including Pantera, FalconX, Borderless, and Relayer Capital. Volcon aims to allocate over 95% of the raised capital to bitcoin, positioning itself as a global leader in corporate BTC holdings.

The company has already started executing this strategy. As of now, it holds 280.14 BTC, with 235.83 BTC received directly as part of the private placement. BTC acquisition is being facilitated through a new strategic partnership with crypto platform 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,” said John Kim, co-CEO of Volcon.

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