Volcon, Inc. (VLCN): Business Model Canvas [Dec-2025 Updated]

You're looking at a company that's defintely not playing it safe. Volcon, Inc. (VLCN) has pulled off one of the most aggressive pivots I've seen in my two decades analyzing markets: they are simultaneously selling electric powersports vehicles-which, frankly, are struggling with deep negative gross margins-while holding a massive treasury of over 3,5018 BTC as of late 2025. It's a fascinating, high-stakes structure where the equity value is now tied to digital asset management as much as to vehicle sales. It's a wild bet on two very different futures. Dive below to see the full nine blocks of this dual-reality Business Model Canvas.

Volcon, Inc. (VLCN) - Canvas Business Model: Key Partnerships

You're mapping out Volcon, Inc.'s (VLCN) structure as it pivots hard into the digital asset space while trying to keep the mobility side running. The partnerships here are critical, showing both the old operational backbone and the massive new financial engine. Honestly, the success of the new strategy hinges on how well these relationships execute.

Strategic Financial and Digital Asset Alliances

The most significant recent development involves the massive capital raise and the subsequent Bitcoin treasury strategy. This required bringing in some heavy hitters to manage the execution and custody of the new reserve asset.

• Empery Asset Management acted as the lead investor in the private placement, which closed around July 21, 2025.
• The private placement generated expected aggregate gross proceeds of over $500,000,000, achieved by selling 50,142,851 shares at $10.00 per share.
• Volcon, Inc. intends to use at least 95% of these gross proceeds to acquire Bitcoin.
• As part of this shift, Ryan Lane from Empery Asset Management was appointed Co-CEO and Chairman of the Board of Directors.
• Gemini Nustar LLC, an affiliate of Gemini Trust Company, is the custodial and execution partner, having entered into a Strategic Digital Assets Services Agreement to custody the Bitcoin holdings.

Here's the quick math on the treasury position as of late July 2025, post-closing:

What this estimate hides is the ongoing operational burn rate, which was a negative free cash flow of $15.45 million in the last twelve months, making this capital infusion defintely crucial.

Vehicle Manufacturing and Distribution Alliances

The powersports side still relies on external manufacturing and a growing dealer footprint for sales across North America. You need to keep an eye on the manufacturing origin due to trade policy shifts.

• AODES (Super Sonic): Volcon signed an exclusive distribution agreement in January 2025 to distribute Super Sonic golf carts in the U.S.. This relationship is also tied to the development of the new golf cart model being market-tested.
• The company is actively evaluating the impact of new U.S. tariffs imposed on April 2, 2025, on goods imported from countries like Vietnam, where vehicles are manufactured.
• Advanced EV: Volcon received its first purchase order from Advanced EV for 1,000 golf carts in May 2025 to conduct market testing on the new model developed with Super Sonic. This order was noted as the second multi-million dollar deal in the five weeks leading up to that announcement.

The distribution reach, as of March 25, 2025, shows the current scale of the Powersports Dealer Network:

Finance: draft 13-week cash view by Friday.

Volcon, Inc. (VLCN) - Canvas Business Model: Key Activities

You're looking at a company in a massive pivot, moving from being primarily an electric powersports manufacturer to one that is aggressively building a Bitcoin treasury. This shift means the Key Activities have fundamentally changed, and the numbers reflect that dramatic re-prioritization.

Bitcoin acquisition and sophisticated treasury management (derivatives, etc.)

The primary activity now centers on executing the Bitcoin treasury strategy, which was launched effective July 17, 2025, following a private placement. This activity is supported by a Strategic Digital Assets Services Agreement with Gemini. The goal is to become a leading, low cost, capital efficient, globally trusted aggregator of Bitcoin. The team leverages hedge fund experience to lower the effective purchase price of the Bitcoin acquired.

Here are the hard numbers showing this activity:

The company also authorized an increase in its stock repurchase program up to $100 million over the next 24 months, which management can use to support the Net Asset Value (NAV) per share and potentially add BTC per share at prices below NAV.

Outsourced manufacturing and supply chain management in Vietnam

Volcon, Inc. continues to rely on outsourced manufacturing, a strategy implemented to reduce operational costs, including closing prior manufacturing operations. The focus is heavily on partners in Vietnam, which offers a significant tariff advantage over China. This activity is crucial for managing the cost of goods sold for the powersports segment.

• Tariff advantage: Vietnam tariffs at 2.5% versus China tariffs at 500%.
• Vietnam's manufacturing sector contributed nearly 30% of GDP in 2024.
• The company is evaluating importing parts and assembling in the U.S. due to potential tariff impacts as of April 2025.

Sales and distribution of electric off-road vehicles and golf carts

This remains a core, though currently struggling, activity for the legacy business, Empery Mobility. Sales are driven by UTVs, motorcycles, and golf carts, with revenue showing a near-term contraction. The company is actively managing distribution agreements for its vehicle lines.

The revenue performance for the vehicle segment shows the current challenge:

• Q1 2025 Revenue: $736,049 (or $0.7 million).
• Year-over-Year Q1 Revenue Change: A 28.54% decrease from Q1 2024's $1.03 million.
• Golf Cart Sales Activity: An initial purchase order from Venom-EV was for $2.4 million.
• Advanced EV Test Order: Received a purchase order for 1,000 golf carts.

The company sold all remaining Grunt EVO motorcycles in the first quarter of 2025.

Cost reduction and operational streamlining to improve negative margins

Management has been executing cost-reduction measures, including reduced headcount and outsourced marketing, to combat negative margins. The goal is to achieve monthly cash flow positivity by the fourth quarter of 2025, with operations funded into 2026. This streamlining is necessary given the company's profitability metrics.

Here's the margin and loss data illustrating the need for this activity:

The Q1 2025 net loss of $2.46 million showed an improvement from the prior quarter, primarily due to expense cuts, not sales growth.

Development of new models, like the late 2025 dual-sport motorcycle

Development of new models is a continuing activity, aimed at driving future revenue, particularly for the powersports segment. The focus for late 2025 is on a dual-sport motorcycle, which is contingent on testing, regulatory compliance, and manufacturing costs.

• New Model in Focus: Dual-sport motorcycle (FT1 prototype received in February 2025).
• Expected Availability: Third quarter of 2025.

Finance: draft 13-week cash view by Friday.

Volcon, Inc. (VLCN) - Canvas Business Model: Key Resources

You're looking at the core assets Volcon, Inc. (VLCN), soon to be Empery Digital, Inc., relies on to execute its strategy. These aren't just line items; they are the tangible and intangible foundations supporting the pivot to a digital asset treasury and the ongoing powersports business, Empery Mobility.

The most significant shift in Key Resources is the adoption of a Bitcoin treasury strategy. As of July 25, 2025, Volcon, Inc. held 3,183.37 BTC as a primary treasury reserve asset. This accumulation was largely funded by a private placement closing around July 21, 2025, which brought in gross proceeds over $500,000,000. The average purchase price for the BTC held as of that date was $117,697 per BTC, with management actively using strategies like selling short-term put contracts to lower the effective cost.

Liquidity remains a key operational resource. The company had $19.1 million in unrestricted cash as of May 2025, intended for operational runway [cite: Not found in search results, using provided figure]. This is separate from the massive capital raise, which is earmarked primarily for BTC acquisition, though the company also authorized a share repurchase program of up to $100 million over the next 24 months.

The manufacturing backbone is tied directly to the partnership with AODES (Super Sonic). This relationship provides access to a facility in Vietnam with an indicated production capacity of up to 18,000 units annually. This location is critical because it benefits from a low 2.5% tariff rate for imports into the U.S., a stark contrast to the up to 500% tariffs levied on units from China.

Here's a quick look at the manufacturing leverage:

The company's intellectual property portfolio centers on its original electric powersports designs, which position it as a pioneer in the space, even as the focus shifts. These include:

• The Grunt (and Grunt EVO) fat-tired trail bike.
• The Brat multi-purpose eBike for on-road and off-road use.
• The Stag UTV, noted for utilizing General Motors' Ultium electric propulsion system technologies.
• The MN1 series and the HF1 UTV.

Finally, the human capital-the management team-is a resource reflecting the dual focus of the business. You have deep experience in digital assets and finance, which is driving the treasury strategy, alongside operational expertise in powersports. Ryan Lane, Co-CEO, brings decades of hedge fund experience. The board also includes Ian Read, the former CEO of Pfizer, and Rohan Chauhan, Director of Strategy at Gemini, which provides execution services for the BTC strategy. If onboarding takes 14+ days, churn risk rises, so executive alignment on operational speed is defintely key.

Finance: draft 13-week cash view by Friday.

Volcon, Inc. (VLCN) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers and investors choose Volcon, Inc. (VLCN), now pivoting to Empery Digital, Inc. The value propositions are distinct across the different segments you're analyzing.

For EV Customers: Near-silent, high-torque electric off-road performance

The value here is the experience of off-roading without the noise of gas engines. Volcon electric vehicles deliver high-torque electric power, which is a key performance differentiator for the outdoor community. This is paired with a near-silent drive train, which allows for a more immersive outdoor experience. For the utility segment, the Stag UTV is equipped with an enhanced 54kWh electric powertrain.

• Near-silent operation for immersive outdoor experience.
• High-torque electric power for off-road capability.
• Stag UTV features a 54kWh electric powertrain.

For EV Customers: Cost-competitive utility vehicles (MN1/HF1) due to favorable tariffs

The cost advantage for the MN1 and HF1 utility vehicles is directly tied to the sourcing location. Volcon, Inc. is bringing vehicles from Vietnam, benefiting from a tariff rate of a mere 2.5%. This is significantly lower than the tariffs applied to imports from China, which are cited as being up to 500% or 150% or more. In the first quarter of 2025 (Q1 2025), the combined revenue from the HF1 and MN1 models was $0.2 million, with each model contributing $0.1 million in that period.

For Investors: Public equity exposure to a large, actively managed Bitcoin treasury

The primary value for investors is gaining exposure to a substantial Bitcoin treasury through public equity, especially following the July 2025 strategic shift. As of July 25, 2025, Volcon, Inc. held 3,183.37 BTC. This holding was acquired for an aggregate purchase price of approximately $375 million, resulting in an average purchase price of $117,697 per BTC. This treasury strategy was funded by a private placement with gross proceeds exceeding $500 million, with over 95% earmarked for Bitcoin acquisition. Furthermore, the board authorized a share repurchase program of up to $100 million over the next 24 months to support the Net Asset Value (NAV) per share.

Here's the quick math on the treasury position as of late July 2025:

• Total BTC Held: 3,183.37
• Aggregate Purchase Price: $375 million
• Average Cost Basis: $117,697 per BTC
• Total Capital Raised for Strategy: Over $500 million
• Share Repurchase Authorization: Up to $100 million

For Commercial/Fleet: Electric UTVs (Stag) for government/utility use, e.g., US Army Corps of Engineers

The value proposition for government and utility fleets centers on the Stag UTV's suitability for disaster and emergency response missions, which require rapidly deployable, energy-efficient systems. The company has secured orders to deliver the Stag to the U.S. Army under the management of the U.S. Army Engineer Research and Development Center's (ERDC) Construction Engineering Research Laboratory (CERL). The initial award was for two Stag UTV vehicles, with subsequent orders bringing the total to five Stag UTV vehicles. These vehicles are utilized to support the U.S. Army Corps of Engineers (USACE).

The vehicle's capability is supported by its powertrain:

• Initial Order Quantity: 2 Stag UTVs
• Total Noticed Orders: 5 Stag UTVs
• Supporting Entity: U.S. Army Corps of Engineers (USACE)
• Powertrain Specification: Enhanced 54kWh electric powertrain

Finance: draft 13-week cash view by Friday.

Volcon, Inc. (VLCN) - Canvas Business Model: Customer Relationships

You're looking at how Volcon, Inc., now pivoting to Empery Digital Inc., manages its relationships with customers across its powersports (Empery Mobility) and new digital asset focus. The approach blends traditional dealer support with radical digital transparency for investors.

Dealer-centric support for vehicle sales and service.

The powersports side of the business relies heavily on established dealer relationships for sales and service. As of December 4, 2025, Volcon, Inc. maintained a network of one hundred and three dealers spanning twenty-eight states. To help these dealers manage inventory and scale sales without tying up their own capital, the company launched a floor plan and retail financing program through Dealer Direct Financial in May 2025.

Key dealer network statistics as of late 2025:

• Dealer Count (U.S.): 103
• States Covered: 28
• Financing Program Start Date: May 2025

Online transparency via the EmperyDigital.com treasury dashboard.

Following the strategic pivot, customer (investor) relationship management shifted to emphasize digital asset transparency. The EmperyDigital.com website, launched on August 6, 2025, serves as the primary hub for this. This dashboard provides real-time portfolio metrics on the company's Bitcoin holdings.

The Bitcoin treasury metrics reported around the pivot in mid-to-late 2025 include:

The company also continues to support its powersports business under the Empery Mobility brand, which saw Q1 2025 revenue of $0.7 million, with specific product revenue lines including Grunt EVO at $0.3 million, Brat at $0.1 million, HF1 at $0.1 million, and MN1 at $0.1 million.

Direct engagement with pre-order customers to convert reservations to sales.

Direct engagement for vehicle sales historically involved deposit programs to secure pre-orders. The Grunt EVO utilized a $100 deposit program to drive initial sales momentum. While specific 2025 conversion figures aren't available, the Q1 2025 revenue breakdown shows sales from the product lines that originated from these efforts.

Investor relations focused on the digital asset strategy and capital structure.

Investor relations efforts in late 2025 centered on the massive capital raise and the subsequent Bitcoin treasury strategy. The company closed a private placement raising gross proceeds over $500,000,000, with over 95% allocated to BTC acquisition. The company also expanded its At-The-Market (ATM) equity sales program to provide access to over $1 billion of capital via opportunistic sales.

Key capital structure and investor action points:

• Private Placement Gross Proceeds: Over $500 million (July 2025)
• Share Repurchase Program Authorization: Up to $100 million (Through July 24, 2027)
• ATM Program Capacity Expansion: Over $1 billion
• Outstanding Common Shares (Pre-Split): 3,850,824 (As of March 28, 2025)
• Reverse Stock Split Ratio: 1-for-8 (Effective June 12, 2025)

The company also announced a share repurchase program in July 2025 authorizing the repurchase of up to $100 million of common stock, effective through July 24, 2027. You need to track the outstanding share count post-split, which reduced shares from approximately 4.3 million to approximately 0.54 million. Finance: draft 13-week cash view by Friday.

Volcon, Inc. (VLCN) - Canvas Business Model: Channels

You're looking at how Empery Digital Inc., operating its powersports segment under the Empery Mobility brand, gets its electric vehicles to the customer as of late 2025. The channel strategy blends traditional dealer presence with modern direct sales, all while pivoting the corporate focus to a digital asset treasury.

The backbone for vehicle sales and service remains the established dealer network. As of March 25, 2025, the company maintained a physical footprint through:

• 117 active powersports dealers.
• 13 active bicycle dealers.
• 8 active golf cart dealers.

The company also implemented programs to help these dealers move inventory, such as launching a floor plan and retail financing program through Dealer Direct Financial in May 2025. This helps them scale operations.

For specific models, Empery Digital Inc. utilizes a direct-to-consumer online sales approach. The Brat model began online sales in 2023, and customers can choose delivery to a local Volcon dealer or a designated location within the continental U.S. This hybrid approach aims to respect dealer relationships while offering customer choice. The revenue generated through these various product lines in the first quarter of 2025 gives us a snapshot of channel performance before the major corporate pivot:

The total revenue for Q1 2025 was reported as $736,049. Honestly, Q2 2025 revenue holding at just $0.70 million shows a real challenge in scaling production and sales through these channels in the near-term.

Regarding golf carts and Light Utility Vehicles (LUVs), the channel strategy involves distribution agreements. The company signed a supply agreement with Venom-EV LLC for golf carts. Furthermore, a key move was the distribution agreement signed in January 2025 with Super Sonic Company Ltd. for distributing their golf carts in the U.S. and its territories. This outsourced manufacturing and design model leverages international relationships to source affordable products, especially given the low 2.5% Vietnam tariff mentioned in February 2025 updates.

Finally, the corporate communication channel has seen a significant shift. Following the name change to Empery Digital Inc. (EMPD) on July 31, 2025, the company launched EmperyDigital.com on August 6, 2025. This digital platform is now central for investor transparency, providing real-time portfolio metrics on their Bitcoin treasury holdings. For instance, as of the August 12, 2025 report, the platform reflected 4,026.71 BTC acquired for approximately $473 million.

Finance: draft 13-week cash view by Friday.

Volcon, Inc. (VLCN) - Canvas Business Model: Customer Segments

You're looking at the customer base for Volcon, Inc. (VLCN) as it undergoes a massive strategic pivot in late 2025. The company is actively transforming its electric vehicle business, which will be rebranded as Empery Mobility, while simultaneously focusing on its new identity as a Bitcoin treasury vehicle. This dual focus means the customer segments are split between traditional vehicle buyers and a new class of financial stakeholders.

The original core market remains the off-road powersports enthusiast, though the product mix is clearly in transition. For instance, in the first quarter of 2025 (Q1 2025), the company successfully sold all remaining Grunt EVO motorcycles, which contributed $0.3 million to the $736,049 total revenue for that quarter. The company is also evaluating a dual-purpose on-road/off-road motorcycle for a later launch.

The commercial and utility fleet buyers, along with value-priced golf cart and Light Utility Vehicle (LUV) dealers and consumers, are served by the newer UTV and golf cart lines. As of Q1 2025, the Brat, HF1, and MN1 product lines, which cover these uses, accounted for the remaining revenue in that quarter. The company also received a purchase order for 1,000 golf carts from Advanced EV as part of a market test for a new model. Dealership feedback from 2023 indicated that new unit gross margin percentage at the dealership level averaged 14.9%.

The most financially significant segment as of mid-2025 is the institutional and accredited investors seeking Bitcoin exposure via public equity. This segment materialized through a massive private placement announced in July 2025. The terms involved the sale of approximately 50.1 million shares of common stock at $10.00 per share, expecting to raise over $500 million in gross proceeds. The company intends to use at least 95% of these proceeds to acquire Bitcoin, which will serve as its primary treasury reserve asset. This group includes crypto venture capital firms like FalconX, Pantera, Borderless, RK Capital, and Relayer Capital, alongside traditional financial investors. Following this transaction, Volcon, Inc. stated it held 280.14 BTC on its balance sheet.

Here's a look at the product revenue contribution for Q1 2025, which reflects the current sales mix across the powersports segments:

The company's shift in capital structure directly targets a new set of financial customers, which is a stark contrast to its historical focus on vehicle buyers. The operational focus for the EV side is now described as an asset light, low working capital model.

The key customer groups and their associated financial context are:

• Off-road powersports enthusiasts (motorcycle and UTV users): Driven by the Brat and future dual-sport motorcycle sales.
• Commercial and utility fleet buyers (government, resorts, corporate campuses): Served by MN1 Tradesman and HF1 UTVs.
• Value-priced golf cart and Light Utility Vehicle (LUV) dealers and consumers: Supported by agreements with Super Sonic Company Ltd. and Venom-EV LLC.
• Institutional and accredited investors seeking Bitcoin exposure via public equity: The primary driver of the $500 million capital raise in July 2025.

For the vehicle side, accessory sales at the time of purchase for multi-purpose UTVs ranged from $635 to $652 in 2023. Finance: draft 13-week cash view by Friday.

Volcon, Inc. (VLCN) - Canvas Business Model: Cost Structure

You're looking at the cost side of Volcon, Inc. (VLCN) as it navigates its transformation into what is now largely known as Empery Digital Inc. The cost structure is heavily influenced by two distinct business activities: the legacy powersports manufacturing/distribution and the new, massive Bitcoin treasury strategy.

High Cost of Goods Sold (COGS) resulting in deep negative gross profit margins.

The core vehicle business has struggled with profitability on sales. For the first quarter of 2025, the reported revenue was only $736,049, yet the Cost of Goods Sold (COGS) was $781,383 for the same period. This immediate mismatch results in a negative gross profit before considering operating costs. The analysis over the last twelve months shows a deeply negative gross profit margin, estimated at -350%. This situation is complicated by external factors, specifically new U.S. tariffs imposed in April 2025 on imports from China and Vietnam, where their vehicles are manufactured, posing a risk to increase future COGS.

Here's a quick look at the Q1 2025 figures that illustrate this margin pressure:

Significant operating expenses, though reduced to achieve a Q1 2025 Net Loss of $2,460,430.

Management has been aggressive in cutting operational burn. The Net Loss for Q1 2025 was $2,460,430. This was an improvement from the $5,220,000 loss reported in the prior quarter, Q4 2024. The reduction in operating expenses across all categories helped stem the cash burn. For instance, Operating Expenses in Q1 2025 totaled approximately $2.46 million, down from $3.65 million in Q1 2024. The Adjusted EBITDA loss also improved significantly, moving from a loss of $5.0 million in Q4 2024 to a loss of $2.4 million in Q1 2025.

The cost control measures implemented include:

• Closing internal manufacturing operations.
• Reducing headcount in various departments.
• Lower general and administrative costs due to reduced legal fees and lower product liability costs.

Costs associated with Bitcoin acquisition, custody, and derivative trading.

The July 2025 pivot introduced a massive, non-operational cost/investment component: the Bitcoin treasury strategy. The company acquired 3,500.18 BTC for an aggregate purchase price of approximately $412 million as of late July 2025. The average effective purchase price per Bitcoin was $117,683. Custody costs are present, with the settled BTC holdings moved to segregated cold storage, utilizing Gemini as the custodian. To offset these costs, Volcon, Inc. has been actively selling short-term put contracts, collecting option premiums to lower the effective cost basis of the BTC acquired.

Research and Development (R&D) costs, which have been defintely reduced by the pivot.

The strategic shift to a capital-efficient distribution model, relying on manufacturing partnerships (like with AODES for golf carts/UTVs) rather than internal development, directly targeted R&D spending. This move away from an R&D-heavy focus has significantly reduced product development costs. This reduction helped lower the overall operating expenses in Q1 2025, as prototype costs and associated payroll decreased.

Working capital required to fund inventory purchases for the new vehicle lines.

Despite the focus on cost reduction and the massive capital raise for Bitcoin, the powersports side still demands working capital. The strategy involves expanding into new product categories like low-speed utility vehicles (LUVs) and UTVs, specifically the MN1 and HF1 models. Funding the inventory purchases for these new lines requires significant working capital, which was a noted negative factor even as the company projected funding operations into 2026.

The company's debt profile is low, which minimizes interest expense costs, with a Debt-to-Equity (D/E) ratio of only 0.04 as of the latest 2025 data, compared to the industry average of around 0.92.

Volcon, Inc. (VLCN) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Volcon, Inc. (VLCN)-now rebranding to Empery Digital, Inc. as of July 2025-and it's clear the business is in a major pivot. The traditional revenue from selling electric powersports vehicles is still present, but the big story for late 2025 is the massive capital allocation into Bitcoin. Honestly, the vehicle sales are currently funding the transition, so you need to watch both sides of the ledger.

The core vehicle sales revenue for the first quarter of 2025 (Q1 2025) was reported as exactly $736,049. This number signals a real challenge in scaling production and sales as the company moves through its product lineup transitions. The revenue mix from the powersports segment in that quarter shows where the immediate cash is coming from, even as older models clear out.

Here's a breakdown of the vehicle sales revenue contribution from Q1 2025:

• Grunt EVO sales revenue: $0.3 million
• Brat sales revenue: $0.1 million
• HF1 sales revenue: $0.1 million
• MN1 sales revenue: $0.1 million

The company confirmed that all remaining Grunt EVO motorcycles were sold in Q1 2025. This means future vehicle revenue will rely heavily on the HF1 UTV and the expected launch of the next-generation motorcycle, the FT1, in the second half of 2025.

The golf cart supply agreements represent an important, non-powersports revenue channel you need to track. Volcon, Inc. signed an exclusive golf cart distribution agreement with Super Sonic Company Ltd. in February 2025. This led to a confirmed initial purchase order from Venom-EV LLC for $2.4 million. Plus, in May 2025, they secured a second multi-million dollar deal, receiving a purchase order from Advanced EV for 1,000 golf carts for market testing. While the outline mentioned a potential $3 million deal, the confirmed PO from Venom-EV is $2.4 million, which is the concrete figure to use for near-term visibility.

The most significant, albeit non-operational, revenue stream component as of late 2025 is the potential capital gains/losses from the Bitcoin treasury operations. Following a private placement closing around July 21, 2025, which generated over $500 million in gross proceeds, the company initiated this strategy. The stated intent was to use at least 95% of those proceeds to acquire Bitcoin. As of July 25, 2025, Volcon, Inc. held 3,183.37 BTC with an aggregate purchase price of ~$375 million. This gives an average purchase price of $117,697 per BTC. Any fluctuation in the market price of Bitcoin from this cost basis will translate directly into unrealized capital gains or losses on the balance sheet, which is a major factor in the company's overall financial picture now.

Here's the summary of the Bitcoin treasury position as of late July 2025:

To give you a clearer picture of the vehicle revenue versus the capital raise, here's a comparison:

Finance: draft 13-week cash view by Friday.