Empery sells part of its Bitcoin stash to tackle debt and shore up cash
Nasdaq-listed Empery has quietly trimmed its Bitcoin treasury, selling 1,400 BTC between May 7 and July 10 for roughly $87.1 million in gross proceeds. The company says the funds are being used to pay down debt, finance an acquisition, cover legal fees tied to shareholder litigation, and bolster working capital — marking a clear shift from its previously stated accumulation strategy.
Key facts
- BTC sold: 1,400 (May 7–July 10)
- Average sale price: ~$62,200 per BTC
- Gross proceeds: ~$87.1 million
- Remaining BTC: 1,514 (as of July 10)
- Cash on hand after sales: ~$73.9 million (as of July 10)
- Debt repaid: $10 million on July 7
- Remaining debt under facility: ~ $45 million
Context and background
This is the latest in a series of disposals by Empery. In its annual report, the company disclosed an earlier sale of 722 BTC for about $50 million between Jan. 1 and March 25, 2026. Those moves contrast with its August 2025 position (when it operated as Volcon), when Empery said it held more than 4,018 BTC and described itself as pursuing a strategy to become a low-cost, capital-efficient Bitcoin aggregator.
Why it matters
Empery’s sales appear driven by balance-sheet pressures rather than a strategic pivot to exit crypto exposure. The company specifically earmarked proceeds for debt repayment, a previously announced property acquisition, litigation costs, and general operations — indicating near-term funding needs. Even after a $10 million paydown, about $45 million remains outstanding on its debt facility.
How this compares with peers
Public Bitcoin treasuries are taking diverse approaches depending on their financing needs:
- Nakamoto Inc.: Sold roughly 600 BTC and used Bitcoin-linked derivative positions to generate about $48 million in net proceeds, which were used to cut outstanding debt by roughly $45 million. The company also refinanced much of its borrowings into 2027, reduced financing costs, and still holds about 4,467 BTC (valued at more than $280 million by company figures).
- Capital B: Went the opposite direction by seeking new capital to expand holdings. Shareholders approved a June framework authorizing up to €5 billion of new equity issuance and €100 billion in credit instruments, enabling massive potential buying power. Board director Alexandre Laizet said the plan would allow issuance of a very large number of new shares alongside significant debt capacity to finance more BTC purchases.
Bottom line
Empery’s recent Bitcoin sales signal a pragmatic, liability-driven approach: monetize part of its crypto holdings to meet immediate obligations and stabilize the balance sheet, rather than prioritize accumulation. As the company pares down its treasury, investors will watch whether Empery can refinance remaining debt, resolve litigation, and restore its cash position without further asset sales.
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