Another Nasdaq-Listed EV Company Joins Tesla As Bitcoin Holder: Here's Who (And How Much It Bought)

Electric vehicle company Volcon Inc. (NASDAQ:VLCN) on Friday announced it now holds 3,183.37 Bitcoin (CRYPTO: BTC), purchased for approximately $375 million at an average acquisition price of $117,697 per coin.

What Happened: The disclosure establishes Volcon as one of the most aggressive publicly traded corporate accumulators of Bitcoin to date.

The company said it has also sold short-term Bitcoin put contracts at strike prices of $115,000, $116,000, and $117,000, allowing it to potentially acquire more BTC while generating premium income to reduce net acquisition costs.

"Our treasury strategy reflects our conviction in Bitcoin as a durable, long-term store of value," said Ryan Lane, Co-CEO of Volcon. "We're focused on offering investors the most efficient and least dilutive means of gaining Bitcoin exposure through public equity."

In tandem with its Bitcoin accumulation, Volcon has expanded its stock repurchase authorization.

The board approved a $100 million share buyback program to be executed over the next 24 months.

Also Read: Will US Banks Launch Their Own Stablecoins? Bank Of America Says They Might

According to the company, repurchases will be made opportunistically in open-market or private transactions, based on prevailing market conditions and share prices relative to net asset value (NAV).

The repurchase initiative is designed to support share value while increasing the BTC-per-share ratio when the stock trades below NAV.

The company said it intends to fund any buybacks through its existing cash reserves.

Why It Matters: Volcon's move follows a broader trend of publicly traded companies using Bitcoin as a treasury reserve asset.

MicroStrategy, now rebranded as Strategy (NASDAQ:MSTR), continues to be the largest corporate holder of BTC, joined by other prominent holders like Tesla (NASDAQ:TSLA) and Block (NYSE:XYZ).

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