ZOOZ Power shares surged on Friday after shareholders approved the company’s $180 million private placement and plan to adopt a bitcoin-focused treasury strategy.
The Nasdaq- and Tel Aviv-listed energy storage company saw its stock close at $2.33 on Thursday before soaring as high as $8.44 in pre-market trading—a 262% spike—before settling at $3.84 by mid-session, still up 65% on the day, according to TradingView.
Building a bitcoin treasury
Under the approved plan, ZOOZ intends to allocate around 95% of net proceeds from the offering, after repaying existing promissory notes, to purchase bitcoin. Based on current market prices, the move could give the company roughly 1,470 BTC, placing it among the top 50 public companies holding bitcoin, according to Bitcoin Treasuries data.
The strategy would also make ZOOZ the first company listed in both the U.S. and Israel to hold bitcoin on its balance sheet. The announcement positions the firm alongside major bitcoin-holding corporations, including MicroStrategy, which leads the list with 638,985 BTC following its latest purchase earlier this week.
Backers and leadership shift
The $180 million private placement in public equity (PIPE) was first announced in July and has attracted support from high-profile backers such as Pantera Capital, FalconX, and Arrington Capital.
As part of the strategic shift, early Hedera Hashgraph investor Jordan Fried was appointed CEO to oversee the company’s transition into a bitcoin treasury-focused enterprise.
“With shareholder approval secured, we are poised to leverage every resource available to a dual-listed entity to scale our bitcoin holdings,” Fried said in a statement on Friday. “Our treasury is evolving into a strategic asset—one that will drive growth, stability, and differentiation while signaling to crypto-native and innovation-focused stakeholders that ZOOZ is at the forefront.”
What comes next
ZOOZ expects to finalize the $180 million PIPE offering next week, pending standard closing conditions and documentation.
