Gemini To Custody Volcon’s (Nasdaq: VLCN) $500M Bitcoin Treasury

Gemini is pleased to announce we have entered into a strategic digital asset services agreement to custody the bitcoin treasury program for Volcon. The new treasury strategy is made possible through the closing of a $500 million private placement led by Empery Asset Management, with participation from crypto venture capital firms and leading blockchain infrastructure providers.

The company has earmarked 95% of gross proceeds from the private placement for bitcoin buys, and will make bitcoin the firm’s primary treasury reserve asset. Gemini’s OTC trading team will help facilitate bitcoin purchases and derivative trades for Volcon.

Under the agreement, Gemini will custody the company’s bitcoin holdings and provide other non-advisory digital asset related services. Rohan Chauhan, director of strategy at Gemini, has joined the board of directors and will help bridge the relationship between traditional finance and the digital asset ecosystem.

Volcon intends to rebrand to Empery Digital Inc. as part of the recent financing, and the Volcon Power Sports business intends to adopt the name Empery Mobility. The new ticker is expected to be EMPD on the NASDAQ.

Gemini Custody and OTC Trading Desk Open the Door for Corporate BTC Treasuries

By utilizing Gemini’s robust custody infrastructure, Empery Digital’s bitcoin treasury strategy will have the transparency, disclosure, and security needed to thrive. With Gemini Trust Company’s SOC1 Type 2 and SOC2 Type 2 security certifications, Gemini’s treasury solution allows Empery Digital to participate in setting the standard for other companies in the bitcoin treasury sector.

"Gemini is uniquely positioned to deliver world-class execution and institutional-grade custody with a regulatory-first foundation earned over a decade at the forefront of crypto," said Brad Vopni, head of institutional at Gemini.

The private placement included participation by prominent crypto venture capital firms and infrastructure providers such as Falcon X, Pantera, Borderless, and Relayer Capital, plus prominent traditional financial investors, the management team, and board of directors.

Prior to announcing this transaction, Volcon executed purchases of bitcoin using cash available from its existing balance sheet and has since accelerated these purchases significantly. Net proceeds from the transaction have been credited to the company’s custodial accounts at Gemini and additional bitcoin purchases are underway.

About Volcon/Empery Digital

Based in the Austin, Texas area, Empery Digital was founded as the first all-electric power sports company sourcing high-quality and sustainable electric vehicles for the outdoor community. The electric vehicles are the future of off-roading, not only because of their environmental benefits but also because of their near-silent operation, which allows for a more immersive outdoor experience.

Effective as of July 17, 2025, the company adopted a bitcoin treasury strategy with the goal of becoming a leading, low-cost, capital-efficient, globally-trusted aggregator of bitcoin.

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