Empery Digital sold 1,400 Bitcoin between May 7 and July 10, 2026, generating roughly $87.1 million in gross proceeds at an average price of $62,200. The firm used part of that cash to repay $10 million in debt, cover stockholder-litigation expenses, fund operations, and back a Midwest property acquisition. It also plowed $20 million into a Texas data center developer.
The $87 Million Bitcoin Sale
The sale ran for just over two months. Empery didn't disclose the exact timing of each trade, but the average price of $62,200 means the firm sold into a market that has seen significant volatility this year. As of July 10, Empery still held 1,514 BTC, along with about $73.9 million in treasury cash and $45 million outstanding on its debt facility.
Part of the proceeds went to a Midwest property acquisition — a deal that's still in the works. Empery has a separate $65 million investment commitment through its EMHU vehicle for that property, with $2.9 million already contributed and the remaining $62.1 million conditional on closing. The acquisition is expected in Q3 2026, subject to due diligence and a non-binding letter of intent for the tenant arrangement.
A $20 Million Bet on Texas Data Centers
On July 20, Empery closed a $20 million preferred-equity investment in Cardinal Data Power, taking an approximately 8% stake in the Hunt Properties-affiliated developer. The investment was part of Cardinal's roughly $70 million Series A round, which is meant to support a proposed data-center campus in West Texas.
Cardinal Data Power is a relatively new player in the energy-intensive data center space, but the Hunt Properties connection gives it a real-estate pedigree. Empery's move signals a bet on the growing demand for computing infrastructure in Texas, where cheap power and land have attracted crypto miners and data center operators alike.
Why Empery Dropped Its Bitcoin NAV Dashboard
On June 30, Empery discontinued its treasury dashboard, saying that NAV reporting based solely on Bitcoin holdings no longer fully reflected the company's total net asset value. The decision came just before the Bitcoin sale and the Cardinal investment, suggesting the firm wanted to present a broader picture of its balance sheet — one that includes real estate and equity stakes, not just crypto.
The dashboard had been a key transparency tool for investors tracking Empery's Bitcoin exposure. Its removal makes it harder to gauge the firm's crypto position in real time, though Empery still reports holdings periodically.
The February Margin Calls Still Loom
Empery disclosed two collateral calls in February 2026, but the company hasn't provided enough detail — missing collateral balances and trigger ratios — to determine which treasury is closest to another lender demand. The firm's $45 million in outstanding debt and the recent Bitcoin sale suggest it's managing leverage, but the margin-call history remains a lingering risk for creditors.
The next concrete milestone is the Midwest property closing, expected in the third quarter. Until then, Empery's balance sheet is a mix of Bitcoin, cash, a data center stake, and a real estate deal that's not yet done.
