Empery Digital sold 1,635 bitcoin for $102.2 million from July 1 through Aug. 6, according to its latest quarterly filing. The sales reduced total bitcoin holdings to 1,279 BTC.
Only 325 BTC of that remaining stack is unrestricted—down sharply from 1,375 unrestricted BTC at June 30. That is a 76 percent drawdown in liquid reserves in five weeks. With bitcoin at $63,684, those 325 BTC represent roughly $20.7 million in accessible treasury. That is the number that matters.
The other 954 BTC is locked as collateral against $35 million in debt. The loan terms require collateral equal to 174 percent of the outstanding balance. Drop below 153 percent and a margin call triggers. Empery has been here before: it transferred 576 BTC to its lender in February and another 186 BTC in June to satisfy those calls.
After June 30, the company repaid $20 million of that debt. The lender returned 585 BTC as a result, cutting pledged collateral from 1,539 BTC to 954 BTC.
Empery is burning through its BTC treasury to service debt and fund infrastructure. These July-August sales follow an additional 1,167 BTC sold for $80.1 million in the first half of the year. Combined with equity issuance proceeds, that cash covered $54 million in share repurchases, a $50 million repo facility repayment and a separate $10 million loan repayment.
The next major cash call is a proposed data center property acquisition that could require another $62.1 million if it closes. Empery has already contributed $2.9 million to EMHU, a separate property venture managed by Texstack tied to that deal. That is on top of a completed $20 million investment in Cardinal Data Power, which bought an 8 percent stake.
As of June 30, Empery held $3.7 million in cash, including restricted cash, and carried a $5.7 million working-capital deficit.
Management said existing cash, operational proceeds, derivatives, borrowing capacity and potential further bitcoin sales should fund planned needs for more than one year. With only 325 BTC unrestricted and a nine-figure property deal potentially closing, that runway depends entirely on bitcoin price holding and additional sales going smoothly.
