Key Takeaways:
Nasdaq-listed Bitcoin treasury company Empery Digital sold 1,400 Bitcoin from May 7 through July 10 at an average price of $62,200, generating $87.1 million in gross proceeds as it shifts capital toward artificial intelligence infrastructure.
The company closed a $20 million preferred-equity investment in Cardinal Data Power on July 20, securing an approximately 8% stake in the Hunt Properties-affiliated developer, according to an SEC filing. The investment forms part of CDP's $70 million Series A round led by Hood River Capital Management, with proceeds earmarked for CDP's inaugural data center campus in West Texas.
CDP has secured a letter of intent for a 750-megawatt first phase on a 3,500-acre site, with first power expected by 2027 and potential expansion beyond 5 gigawatts over time, the company said. The developer has reserved reciprocating engine generation capacity through an agreement with an unnamed equipment manufacturer and an independent power producer. Ryan Lane, co-chief executive officer of Empery Digital, said the investment reflects "the continued strength of our partnership with Hunt Properties" and CDP's position to serve "the insatiable energy demands of the AI infrastructure build-out."
The sell-off leaves Empery with 1,514 Bitcoin, approximately $73.9 million in treasury cash, and $45 million outstanding on its debt facility as of July 10. A separate $65 million commitment through entity EMHU for a Midwest property acquisition remains conditional, with $2.9 million already contributed and $62.1 million due upon closing — a transaction still subject to due diligence and a non-binding tenant letter of intent rather than a definitive lease. The company discontinued its treasury dashboard on June 30, saying net asset value reporting based solely on Bitcoin holdings no longer reflected total company value.
Empery joins a growing list of corporate Bitcoin holders reassessing the "borrow-to-buy-BTC" treasury model as financing costs rise and Bitcoin trades roughly 50% below its October 2025 high of approximately $126,000. KULR Technology sold 333 Bitcoin this month to fully repay a $20 million Coinbase credit line, while London-listed Satsuma Technology shareholder approved liquidating all 668 Bitcoin and delisting. The pivot toward AI data centers mirrors moves by Bitcoin miners including Bitdeer Technologies and MARA Holdings, which are redirecting energy resources and computing infrastructure toward AI workloads.
This article is for informational purposes only and does not constitute investment advice.
