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Empery Digital buys into AI after selling nearly half its Bitcoin
The company sold 1,400 Bitcoin at an average of $62,200 each, raising about $87.1 million for an AI data center investment and to pay down $10 million in debt.
Empery Digital saw its shares rise after disclosing it sold nearly half of its Bitcoin holdings to support an AI data center plan and reduce debt, according to Cointelegraph. The disclosure sent EMPD up 4.2% to $3.95 early in Friday trading, before the stock later retraced to $3.86.
Empery said it sold 1,400 Bitcoin at an average price of $62,200 per coin over the prior two months, generating roughly $87.1 million. The company also said $10 million of the proceeds went toward paying off outstanding debt.
Cointelegraph reported that some proceeds were used to fund a 25% stake in a Hunt Properties-affiliated venture. That venture is acquiring an industrial site intended for conversion into an AI data center.
The Bitcoin sales followed months of pressure from Tice P. Brown, a near-10% shareholder who urged the firm to abandon its Bitcoin treasury strategy and called for the resignation of the CEO and entire board, Cointelegraph added. Empery said the sales reduced its holdings by 48% to 1,514 Bitcoin, worth $97 million at current prices.
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