Public Company Volcon Now Holds Over 3,183 BTC Following Latest Purchase

NASDAQ-listed manufacturing company, Volcon Inc., has announced a significant increase in its Bitcoin holdings. The company disclosed in a press release that it holds 3,183.37 BTC. The firm acquired the bitcoin stash at an aggregate purchase price of approximately $375 million. This purchase reflects an average purchase price of $117,697 per BTC.

Volcon Boosts Bitcoin Holdings

Like other institutional BTC buyers, Volcon’s Bitcoin acquisition strategy is designed to provide investors with a low-cost and capital-efficient means of gaining exposure to Bitcoin. The company plans to continue leveraging its team’s experience in hedge funds to implement creative ways to purchase BTC at cheaper prices.

The program aims to leverage Bitcoin as a durable, long-term store of value and a powerful reserve asset for treasuries. Emphasizing the conviction in Bitcoin’s potential, the company’s CEO, Ryan Lane, said:

“Our treasury strategy reflects our conviction in Bitcoin as a durable, long-term store of value and a powerful treasury reserve asset.”

In addition to expanding its Bitcoin holdings, Volcon’s board of directors has authorized an increase in the current stock repurchase program. The company is now authorized to repurchase up to $100 million of its outstanding shares of common stock over the next 24 months.

This move enables Volcon to support the net asset value (NAV) per share and potentially add BTC per share at share prices below NAV. With its expanded share repurchase program, the firm aims to support its stock price and potentially increase its Bitcoin holdings.

Notably, the price of Volcon’s stock (VLCN) has exhibited a positive upward trend. It saw a 3.17% increase, reaching $14 shortly after the announcement. However, VLCN has dropped to $13.42 at the time of writing.

Strategy Bitcoin Treasury Program

Business intelligence firm Strategy (formerly MicroStrategy) was the first firm to adopt the concept of using BTC as a treasury asset. Earlier today, the company revealed its plan to raise $2 billion through a stock offering.

This offering was aimed at acquiring more Bitcoin and funding corporate activities. The company plans to sell 5 million shares at $90 each.

Strategy currently holds 607,770 BTC, valued at $72.48 billion. It aims to exceed 624,000 BTC upon completion of the offering. The firm believes that this will bring it closer to its goal of becoming a “Bitcoin bank.”