CoinVoice has learned that, according to Business Insider, the publicly listed electric vehicle company Volcon (NASDAQ:VLCN) announced over $500 million in private equity financing, planning to use at least 95% of the funds to purchase Bitcoin as the company's primary reserve asset. This financing is led by Empery Asset Management, with participation from well-known crypto venture capital firms such as FalcolnX, Pantera, and Borderless.

Volcon's co-CEO John Kim stated that in an era of accelerating currency devaluation, holding Bitcoin is a strategic move to protect shareholder value. The deal is expected to be completed on July 21. [Original link]