Volcon Inc. (NASDAQ:VLCN) is doubling down on its pivot to Bitcoin, revealing that it now holds over 3,183 Bitcoin (CRYPTO: BTC/USD) on its balance sheet, valued at roughly $375 million as of July 25. The company, which has roots in electric off-road vehicles, is now embracing a treasury strategy built around digital assets.

Co-CEO Ryan Lane said the move signals Volcon’s belief in Bitcoin as a resilient long-term asset and a smart reserve choice. As of 8 a.m. ET on Thursday, Volcon had acquired 3,183.37 BTC at an average cost of $117,697 per coin.

Alongside its aggressive crypto acquisition, Volcon’s board approved a sizable increase to its stock buyback program, raising the limit to $100 million.

The initiative, set to run over the next 24 months, allows for open-market and private repurchases, giving Volcon room to bolster its net asset value (NAV) per share and, potentially, boost BTC per share metrics if share prices fall below NAV.

Also Read: Why Are Public Companies Ammassing ETH, XRP, SOL, BNB Instead Of Just Bitcoin?

Volcon also disclosed that it has sold short-dated put options with strike prices of $115,000, $116,000, and $117,000, generating option premiums to help reduce its average Bitcoin acquisition cost. Lane emphasized that Volcon plans to continue using advanced financial strategies, drawing from its leadership’s hedge fund background, to scale its crypto reserves efficiently.

Founded as an all-electric powersports brand, Volcon has since expanded its mission. As of mid-July, the company officially adopted a Bitcoin-first treasury approach to become a low-cost, capital-efficient leader in the digital asset space. Its electric vehicles remain central to the brand, but now serve as one half of a hybrid identity blending renewable mobility and decentralized finance.

Related ETFs include ProShares Bitcoin Strategy ETF (NYSE:BITO) and Grayscale Bitcoin Trust (OTC:GBTC).

Price Action: VLCN shares are trading higher by 5.01% to $14.25 on Friday’s last check.

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