The post Volcon Acquires 317 More Bitcoin, Rebrands as Empery Digital With Over 3,500 BTC appeared first on Coinpedia Fintech News
Volcon, Inc. (NASDAQ: VLCN), soon to be renamed Empery Digital Inc., has announced the purchase of 316.8 additional Bitcoin for $37.3million, bringing its total holdings to 3,500.18 BTC. The aggregate acquisition cost stands at roughly $412million, averaging $117,683 per BTC. The company’s bitcoin accumulation strategy utilizes derivative sales to reduce its cost basis, including selling short-term put contracts at strike prices between $115,000 and $118,000, granting the option to acquire more BTC in the future at those levels. The Austin-based firm’s rebrand underscores its pivot to digital assets.
