NASDAQ-listed EV company Volcon holds over 60 billion yen in Bitcoin as it starts its financial strategy.

## Purchase of Bitcoin with 500 Million Dollar Financing

The US NASDAQ-listed electric vehicle (EV) company Volcon announced on the 28th that it has acquired an additional 316.8 BTC, bringing its total Bitcoin (BTC) holdings to 3,500.18 BTC (equivalent to 61.5 billion yen).

The total acquisition cost is approximately 412 million Dollars (about 61 billion yen), with an average effective acquisition price of 117,683 Dollars per BTC.

Bolcon announced on the 17th that it raised approximately 500 million Dollars through a private placement and will allocate 95% of that for the purchase of Bitcoin. It has joined the ranks of companies implementing Bitcoin financial strategies.

In response to this news, the company's stock soared by 135% at one point. Currently, it has risen by about 77% over the past month and is trading around 12.3 Dollar.

In the fundraising through a private placement of common stock, Empery Asset Management leads, and FalconX, Pantera, Borderless, RK Capital, and Relayer Capital are also participating.

When purchasing Bitcoin, we collaborate with the OTC desk of the cryptocurrency exchange Gemini.

John Kim, co-CEO of Bolcon, stated that "holding Bitcoin on the balance sheet is a strategic move to protect shareholder value and respond to the arrival of the digital age in an era where the value of fiat currency is declining rapidly."

Ryan Lane, co-founder of Empery, who led the fundraising, has been appointed co-CEO and chairman of Volcon. This week, Volcon is expected to change its name to "Empery Digital Inc."

Mr. Lane commented that Bitcoin is a financial strategy based on the conviction that it is a permanent and long-term store of value, as well as a strong financial reserve asset. He also explained that there are innovative ways to purchase it.

We leverage decades of experience in hedge funds among our team members to implement innovative methods to reduce the effective purchase price of Bitcoin.

This aims to provide investors with a means to gain indirect exposure to Bitcoin in the public equity market efficiently, with minimal dilution and at a low cost.

Specifically, Bolicon is selling multiple short-term put option contracts on Bitcoin. This gives them the option to purchase Bitcoin at a strike price of $115,000 to $118,000.

By selling options, one can receive premium fees from buyers, and if the price of Bitcoin decreases, it also allows for additional purchases at that time. This mechanism enables Bolcon to reduce the purchase cost of Bitcoin.

What is a put option?

The right to sell an asset at a predetermined price (strike price). The buyer of the option pays a fee (premium) to the seller and generally exercises the right when the asset has fallen below the strike price.

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