Volcon Renamed to Empery Digital, Launches $500 Million Bitcoin Strategy
Austin, Texas – Volcon Inc. (NASDAQ: VLCN) has completed over $500 million in private financing and officially launched its Bitcoin reserve strategy, planning to allocate more than 95% of the funding for the purchase of BTC.
Renamed to Empery Digital, Strategic Partnership with Gemini
The company will soon be renamed Empery Digital, Inc., with its stock ticker changing to EMPD, and its electric off-road vehicle business will be renamed Empery Mobility. To advance its strategy, the company has signed a strategic service agreement with the cryptocurrency platform Gemini, founded by the Winklevoss twins, which provides institutional-grade custody and execution services.
As of now, the company holds a total of 280.14 Bitcoins, of which 235.83 were acquired by investors who participated in the private placement in BTC.
Rapid Financing, High-Profile Board Members Join
This private placement attracted participation from well-known crypto venture capital firms including FalconX, Pantera, Borderless, and Relayer Capital, as well as strong support from traditional financial institutions and corporate executives. Volcon raised over $500 million in just seven days.
The following key individuals have joined the board:
Ryan Lane, Founder of Empery Asset Management, serves as Chairman and Co-CEO
Ian Read, former Chairman and CEO of Pfizer, joins the board
Rohan Chauhan, Strategic Director of Gemini, joins the board
Matthew Homer, Board Member of Gemini Trust, also joins the company's board
Goal: To Build a Globally Trusted Bitcoin Reserve Platform
The company is committed to creating a low-cost, high-capital efficiency, globally trusted Bitcoin reserve platform and plans to go public in multiple markets in the future. All subsequent stock issuances will depend on market conditions.
Meanwhile, the company is also transforming its electric vehicle business into a light asset model, introducing more cost-effective products to the U.S. through international channels.
Equity Incentives Granted to New Executives
On July 16, 2025, the company awarded over 1 million stock options to three new executives (Chief Operating Officer, Vice President of Legal, and Head of Cryptocurrency), with an exercise price of $10 per share.
