Nasdaq-listed company Empery Digital has sold a large chunk of its Bitcoin holdings to raise cash, according to a filing with the US Securities and Exchange Commission. At the time of writing, Bitcoin price is up by more than 2.20% and is trading slightly below the $64,000 mark.
What happened
Empery Digital sold 1,400 Bitcoin since May at an average price of $62,200 each. That sale brought in about $87.1 million.
The company said the money is being used for three things. First, the company put $10 million of the proceeds toward debt repayment on July 7 now. Second, some of the cash will help fund a property purchase the company had already announced. Third, the rest will cover rising legal costs tied to an ongoing shareholder lawsuit, along with regular day-to-day business expenses.
Where things stand now
After the sale, Empery still holds 1,514 Bitcoin and about $73.9 million in cash reserves today. The company still owes $45 million on its debt.
A shift in strategy
Empery Digital has been moving away from being purely a Bitcoin holding company. Empery is now shifting its focus toward AI infrastructure and data center deals, including a role in a proposed $1 billion AI data center project alongside members of the Hunt and Crow families.
As part of that shift, the company also said it will stop publishing regular updates that show its net asset value based only on Bitcoin holdings, since a growing share of its business now comes from AI and energy infrastructure rather than crypto alone.