Electric vehicle firm Volcon has announced a change in its corporate strategy, revealing plans to adopt a Bitcoin treasury.
The company disclosed this major development through a press release, which confirmed that it secured over $500 million in a private placement offering to support its new Bitcoin-focused treasury approach.
Volcon Adopts Bitcoin Treasury with $500M
According to the release, Volcon reached a purchase agreement with several institutional and accredited investors, selling over 50 million shares at a price of $10 each.
Meanwhile, to facilitate the move, Volcon partnered with Gemini Nustar, a Gemini Trust Company affiliate, for digital asset services.
Alongside this change, Volcon made several leadership changes. Ryan Lane, co-founder of Empery, was appointed co-CEO and Chairman of the Board. Specifically, three other executives from Empery joined the board to oversee the execution of the new strategy.
VLCN Stock Spikes
Also, Volcon noted it would focus on a capital-efficient Bitcoin strategy while maintaining its electric vehicle business through an asset-light model. Co-CEO John Kim highlighted the move as a forward-looking decision to protect shareholder value in a time of rising concerns about fiat currency debasement.
Volcon’s announcement had an immediate impact on its stock. The company’s stock (VLTN) soared by 366%, climbing from $9.22 to a high of $43.38 earlier today. This pattern has played out with other Bitcoin treasury firms in the past. Although VLTN later pulled back to around $27.07, the stock remains up by 193%.
Growing Trend of Bitcoin Treasury Firms
Remarkably, the recent move places Volcon among a growing group of companies integrating Bitcoin into their financial strategies. This year alone, several high-profile firms have joined the trend, a movement that gained attention with MicroStrategy’s now well-known Bitcoin playbook.
In 2025, firms like Trump Media & Technology Group, GameStop, and Twenty One Capital have each revealed Bitcoin treasury plans. In addition, other lesser-known names such as Green Minerals have also entered the conversation.
According to data from Bitcoin Treasuries, 272 large entities now hold Bitcoin, and public companies lead the pack. Currently, 154 public firms collectively own over 860,000 BTC, worth more than $101 billion.
MicroStrategy, now rebranded as Strategy, continues to dominate the list with 601,550 BTC valued at nearly $71 billion. Marathon Digital follows with 50,000 BTC, while Twenty One Capital and Riot Platforms hold 19,225 BTC and 16,352 BTC respectively.