Empery Raises About $87M by Selling 1,400 BTC to Reduce Debt and Fund Acquisition

Nasdaq-listed Empery has reduced its Bitcoin holdings, selling 1,400 BTC from May 7 through July 10 for gross proceeds of about $87.1 million. The company said the cash is being allocated to repay debt, fund an acquisition, cover legal expenses related to shareholder litigation, and support working capital—a move that departs from its earlier messaging around continued accumulation. Key figures • BTC sold: 1,400 (May 7–July 10) • Average sale price: about $62,200 per BTC • Gross proceeds: about $87.1 million • BTC remaining: 1,514 (as of July 10) • Cash on hand after the sales: about $73.9 million (as of July 10) • Debt repaid: $10 million on July 7 • Remaining debt under the facility: about $45 million More disposals this year Empery’s latest sales follow an earlier reduction disclosed in its annual report: 722 BTC sold for roughly $50 million between Jan. 1 and March 25, 2026. The pace of selling contrasts with the company’s stance in August 2025, when it operated as Volcon and reported holding more than 4,018 BTC, describing a strategy to become a low-cost, capital-efficient Bitcoin aggregator. What’s driving the move The company framed the transactions as balance-sheet management rather than an exit from crypto exposure. Proceeds were earmarked for debt reduction, a previously announced property acquisition, litigation costs, and day-to-day operations—signaling near-term funding needs. Even after the $10 million repayment, Empery still has about $45 million outstanding under its debt facility. How peers are handling similar pressure Other public companies with Bitcoin treasuries are taking different approaches based on financing conditions: • Nakamoto Inc.: Sold roughly 600 BTC and used Bitcoin-linked derivative positions to generate about $48 million in net proceeds, cutting outstanding debt by about $45 million. It also refinanced much of its borrowings into 2027, lowered financing costs, and still holds about 4,467 BTC (valued at more than $280 million by the company’s figures). • Capital B: Chose to pursue fresh capital to expand holdings. Shareholders approved a June framework authorizing up to €5 billion in new equity issuance and €100 billion in credit instruments. Board director Alexandre Laizet said the plan would enable the issuance of a very large number of new shares alongside significant debt capacity to finance additional BTC purchases. Bottom line Empery’s recent Bitcoin sales point to a pragmatic, liability-driven playbook: monetize part of its crypto reserves to meet immediate obligations and steady the balance sheet, rather than prioritize accumulation. Investors are likely to focus on whether the company can refinance remaining debt, resolve the shareholder litigation, and rebuild liquidity without further asset sales.