Volcon once branded itself as the “first all-electric, off-road powersports company” highlighted by the Grunt dirt bike and Stag UTV. However, those days seem to be behind them as they refocus toward bitcoin holdings management.

On July 31, they announced a renaming from Volcon Inc. to Empery Digital Inc. as part of a new “BTC treasury strategy” spearheaded by Empery Asset Management. Co-CEO John Kim stressed the EV division, originally Volcon ePowersports, will continue as Empery Mobility.

The enterprise formerly known as Volcon was founded in 2020. The Grunt, which features a 25-kW motor, rolled out to customers the following year to fairly positive reception for its trail riding capabilities and unique design, particularly the large tires. Volcon then unveiled the Stag in July 2022.

The Stag is a 4WD UTV operating on a 107-kW engine and 42-kWh battery. The former produces 125 horsepower, which can be increased to 140 hp with overboost mode and the use of paddle shifters. It also boasts a top speed of 80 miles per hour and range of over 100 miles.

Volcon partnered with BFGoodrich to develop tires and suspension systems for the Stag, which expanded into what was supposed to be a full-fledged off-road racing division ahead of the 2023 Mint 400. The United States Army Corps of Engineers also ordered the Stag for its Construction Engineering Research Laboratory at Fort Leonard Wood, receiving its first unit in March 2024. CERL was optimistic on the Stag’s potential and mainly used it to test recharging EVs in the field.

The MN1 golf cart and HF1 electric UTV were also revealed in 2024, as was a four-door model of the latter called the HF2 was also revealed. The first HF1 was delivered in January to a customer in Colorado before more were supplied to a dealership in Jacksonville.

Amid the fanfare, however, the Army appeared to be the only customer with a Stag as dealers never got it. In October 2024, Kim stated Volcon would “sunset the Stag so we can bring these new vehicles to market at a price point that is better suited to current market conditions.” UTV Driver concluded they couldn’t afford to continue investing into a “low-volume luxury e-UTV” that was repeatedly delayed.

Volcon ePowersports seemed to press on regardless, albeit with a new approach of collaborating with existing manufacturers to sell EVs. For example, they started to supply golf carts from Venom EV and Super Sonic Company Limited earlier this year. The alliance with Super Sonic was also touted as a way to strengthen ties with Vietnam amid the United States’ trade war with China.

On July 17, in a stark deviation to previous news from their headquarters, Volcon revealed a $500 million private placement plan and that they would “adopt a Bitcoin Treasury Strategy” in alignment with Empery Asset Management. Kim remained involved with Volcon but also began to split CEO duties with Empery cofounder Ryan Lane.

Announcements since then have been about the now-Empery Digital acquiring more bitcoin.

“This name change signifies the company’s pivot to a strategic focus on the digital asset ecosystem, while remaining committed to supporting its core operations,” said Kim. “We will continue to reposition our e-power-sports business under the Empery Mobility brand, focused on a highly efficient, asset light business model, which leverages our international relationships to source affordable products for the U.S. markets.”

Officially, the company’s new goal is to become a “leading, low cost, capital efficient, globally trusted aggregator of bitcoin.” At the same time, they add that “Empery Mobility 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.”

Featured image credit: Volcon Inc.