On July 25, 2025, Volcon Inc., an electric powersports company, reported that it currently holds 3,183.37 Bitcoins (BTC), purchased at an aggregate value of approximately $375 million. The announcement marks a significant step in the firm’s new treasury strategy, which centres on accumulating Bitcoin as a reserve asset.
The average acquisition price for the holdings stands at $117,697 per Bitcoin, according to a statement released by the company. The holdings reflect transactions completed as of 8 a.m. ET on July 25.
Firm Employs Derivatives to Lower Acquisition Costs
In addition to direct purchases, Volcon has engaged in short-term options trading, selling put contracts that could lead to further BTC acquisitions. The company said the strike prices for these options are set at $115,000, $116,000, and $117,000, allowing potential BTC purchases at those levels if exercised. The company also collects premiums on these options to offset purchase costs.
Volcon’s Co-CEO Ryan Lane stated that the strategy is part of an effort to manage the company’s Bitcoin cost basis using techniques informed by the leadership’s hedge fund background. The company first adopted its Bitcoin treasury policy on July 17, with the goal of becoming a low-cost and capital-efficient bitcoin aggregator.
Board Approves $100M Stock Buyback Plan
Volcon’s board of directors has authorized an expansion of its stock repurchase program, raising the limit to $100 million over a 24-month period. The buyback program applies to the company’s outstanding common shares and will be conducted through open market purchases or privately negotiated deals in accordance with federal securities laws.
The company noted that the actual volume and timing of repurchases will depend on several factors, including prevailing share prices, market conditions, and legal considerations. Volcon intends to fund the program using its current cash reserves.
Background and Strategic Shift
Founded as a manufacturer of all-electric powersports vehicles, Volcon has recently shifted focus toward integrating Bitcoin into its balance sheet strategy. The move aligns it with a growing number of publicly traded firms that are adopting digital assets as part of their corporate treasury operations.
The company described its long-term aim as building a trusted and efficient platform for Bitcoin aggregation. However, executives emphasized that treasury actions—including both crypto acquisitions and share repurchases—are subject to ongoing evaluation by management and the board.
