Odaily Planet Daily News: Volcon (NASDAQ: VLCN), an electric car company listed on the US stock market, announced more than $500 million in private equity financing, and plans to use at least 95% of the funds to purchase Bitcoin as the company's main reserve asset. The financing was led by Empery Asset Management, and well-known crypto venture capital institutions such as FalcolnX, Pantera, and Borderless participated.
Volcon co-CEO John Kim said that in an era of accelerated currency depreciation, holding Bitcoin is a strategic move to protect shareholder value. The transaction is expected to be completed on July 21. (Businessinsider)