Electric vehicle maker Volcon announced a significant fundraising of $500 million, mainly to establish a Bitcoin treasury. The announcement led to a dramatic surge in the company's stock, which soared nearly 135% after confirming plans to procure around $470 million in Bitcoin. Volcon will sell over 50 million shares at $10 each to finance this move, intending to allocate 95% of the proceeds for Bitcoin purchases. Volcon's Co-CEO, John Kim, emphasized that in a time of monetary debasement, holding Bitcoin would protect shareholder value and align the company with digital future strategies. This decision mirrors a broader trend where many companies, including Volcon, aim to bolster their financial health by investing in Bitcoin. Notably, over 140 companies are now part of this growing corporate treasury movement, collectively holding substantial Bitcoin amounts. The placement is managed by Empery Asset Management among other investment partners and is expected to close soon, reinforcing Volcon's commitment to electric powersport vehicles amidst its recent losses.

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