ZOOZ Power surges over 250% following shareholder approval of $180 million offering and bitcoin treasury strategy

ZOOZ Power stock soared on Friday following shareholder approval of its previously announced $180 million private placement and bitcoin treasury reserve strategy.

Nasdaq-listed ZOOZ closed at $2.33 on Thursday but jumped 262% to a peak of $8.44 in pre-market trading on Friday before correcting. It is currently trading for $3.84 — up 65% from the prior day's close, per TradingView .

Tel Aviv-based ZOOZ plans to direct about 95% of the net proceeds from the offering, after repaying outstanding promissory notes, toward building a bitcoin treasury. At current prices, that equates to approximately 1,470 BTC, which would place it within the top 50 public bitcoin treasury companies, according to Bitcoin Treasuries data . Strategy continues to dominate that list with holdings of 638,985 BTC following its latest acquisition, announced on Monday.

The company has said its crypto purchases would make it the first company listed in both the U.S. and Israel to hold bitcoin on its balance sheet.

ZOOZ first announced plans for the $180 million private placement in public equity in July, with backers including Pantera Capital, FalconX, and Arrington Capital. Hedera Hashgraph early investor Jordan Fried was tapped as CEO to lead its bitcoin treasury strategy shift.

"As ZOOZ solidifies its position as a dual-listed bitcoin treasury pioneer, U.S. and Israeli investors will now have seamless access to our model," Fried said in a statement on Friday. "With shareholder approval secured, we are poised to leverage every resource available to a dual-listed entity to scale our bitcoin holdings. 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."

ZOOZ expects to close the PIPE offering next week, subject to customary closing conditions and final documentation.