Volcon, a Nasdaq-listed electric vehicle company, has completed a private placement, raising over US$500 million in gross proceeds.

The company plans to allocate 95% of the funds towards a new bitcoin treasury strategy in collaboration with the Gemini crypto exchange.

The funding round involved both crypto-focused firms like FalconX, Pantera, Borderless, and Relayer Capital, and traditional investors including Volcon’s executives.

Volcon plans to rebrand as Empery Digital and change its ticker to EMPD, while its vehicle unit will become Empery Mobility.

The company now holds 280.14 BTC, with the new funds placed in Gemini custodial accounts as part of a global bitcoin initiative.