Zooz Power discloses $60M bitcoin purchase

Zooz Power (NASDAQ:ZOOZ) shares gained 6.3% in Tuesday late morning trading after disclosing a $60M purchase of 525 bitcoin (BTC-USD), marking the launch of its treasury program.

The Israel-based company that develops energy store solutions for electric vehicles said it has closed its private placement for its bitcoin (BTC-USD) reserve strategy initially announced on July 29 -- the net proceeds from which were used to buy the crypto.

On Sept. 29, it filed a shelf registration statement on Form F-3 with the U.S. Securities Exchange Commission which, upon effectiveness, will provide the Zooz (NASDAQ:ZOOZ) with the ability to raise up to $1B in additional capital to execute on its plan.

"With the financing closed, we are moving from plan to execution," said Zooz CEO Jordan Fried. "Our focus is simple: deploy capital efficiently into bitcoin, report BTC-per-share clearly to investors, and operate with disciplined risk management so the market understands our guardrails and long-term intent."

The company said it expects to provide regular BTC-per-share transparency and to manage leverage within pre-defined loan-to-value guardrails.