Volcon, Inc. (NASDAQ: VLCN) has significantly increased its Bitcoin holdings, now totaling 3,500.18 BTC acquired for approximately $412 million, reflecting an average effective purchase price of $117,683 per BTC, while also detailing its derivative-based acquisition strategy and collaboration with Gemini.
Since its previous update on July 25, Volcon has acquired an additional 316.8 BTC for a total purchase price of $37.3 million. The reported average effective purchase price of $117,683 per BTC incorporates premiums received as part of the Company’s broader Bitcoin acquisition strategy, which utilizes derivative sales to reduce the cost basis of the acquired Bitcoin. The Company has also sold additional short-term put contracts, providing the option to potentially acquire more Bitcoin at strike prices ranging from $115,000 to $118,000 in the near future.
Ryan Lane, Co-CEO & Chairman of Volcon, commented on the collaboration, stating, “Since closing on the $500 million private placement, the Gemini OTC desk has executed flawlessly with the Volcon treasury team. Gemini has consistently provided best-execution with clear and effective communication at all hours of the day. We could not be happier with our choice to work with Gemini as our custodian and strategic digital assets service provider. We have now moved the settled BTC holdings to segregated cold storage to protect the assets for shareholders.”
Brad Vopni, Global Head of Institutional at Gemini, affirmed the partnership’s success: “Volcon’s team has been exceptional to work with–decisive and mission-focused. While Gemini has long been recognized for the strength and security of its custody platform, Volcon’s experience further emphasizes that Gemini’s OTC desk stands on equally solid ground. From trade execution and real-time communication through post-trade support, our team delivers the same caliber of professionalism, insight, and reliability that institutions expect and deserve when dealing in the digital asset space.”
Effective July 17, 2025, Volcon adopted a Bitcoin treasury strategy with the objective of becoming a leading, low-cost, capital-efficient, globally trusted aggregator of Bitcoin. Volcon was originally founded as an all-electric powersports company, focusing on high-quality, sustainable electric vehicles for outdoor enthusiasts.
