Key Takeaways
- ZOOZ Power is allocating $180 million from a PIPE deal to build a bitcoin reserve.
- The company will become the first dually listed Israeli firm to adopt a bitcoin treasury strategy.
- Leadership changes and board reinforcements accompany the bitcoin-focused shift.
ZOOZ Power, listed on both Nasdaq and the Tel Aviv Stock Exchange, has announced a $180 million private investment in public equity (PIPE) deal aimed at establishing a substantial bitcoin reserve.
This move makes ZOOZ the first Israeli company with dual listings to adopt a bitcoin treasury strategy.
Funding details and bitcoin strategy
The PIPE, pending shareholder approval at a meeting scheduled for September 8, will involve issuing 180 million ordinary shares and prepaid warrants at $1 each to a syndicate led by Pantera Capital, FalconX, Arrington Capital, UTXO Management, ATW Partners, and Alex Rabinovich.
According to ZOOZ, about 95% of the proceeds will be dedicated to bitcoin acquisitions, with the remainder set aside for debt repayment and general corporate purposes.
The company intends to use the bitcoin reserve as a “strategic asset” to bolster its energy hardware business and support growth as financial infrastructure evolves.
Leadership changes and board additions
In conjunction with the deal, blockchain entrepreneur Jordan Fried will become CEO on July 31, while current CEO Erez Zimmerman will continue overseeing the core energy and fast EV-charging operations.
The board will also welcome former Citigroup CFO Todd Thomson and ex-Bank Leumi chairman Dr. Samer Haj-Yehia.
Additional nominations include activist investor Jonathan Christodoro and Jonas Grossman.
Rationale for a bitcoin reserve
Chairman Avi Cohen described the move as “a landmark moment” positioning ZOOZ “at the cutting edge of financial innovation.”
He stated:
Holding digital assets aligns the company with an increasingly digital future and can create significant shareholder value.
New CEO Jordan Fried emphasized the dual listing’s role in attracting global investors and highlighted bitcoin’s historic annual growth rate of around 82%.
Further fundraising and regulatory steps
Separately, ZOOZ will raise an additional $5 million through a smaller private round, with shares and warrants offered to institutional investors.
All securities are being issued in private placements exempt from U.S. registration, with a resale registration statement planned for the SEC.
For an overview of public and private companies holding bitcoin as a reserve asset, see the bitcoin treasuries database.
