Bitcoin
Empery Digital's unrestricted Bitcoin buffer shrinks rapidly after $102M in sales
The Bitcoin treasury company sold 1,635 BTC between July and August while its freely available holdings plummeted, raising questions about the sustainability of its strategy.
Empery Digital sold 1,635 Bitcoin for approximately $102.2 million between July 1 and August 6, marking a significant drawdown from its holdings. The company retained 1,279 BTC as of August 6, though 954 BTC of this amount was pledged as collateral against a $35 million loan, leaving that portion unavailable for unrestricted use.
The pace of unrestricted holdings depletion accelerated sharply. Empery held 1,375 BTC in freely available Bitcoin on June 30, but this fell to just 325 BTC by August 6—a loss of roughly 1,050 BTC in just over one month. This depletion reflects the company's increasing reliance on Bitcoin sales to fund operations and meet financial commitments. During the first half of 2026, Empery sold 1,167 Bitcoin for $80.1 million, with proceeds going toward loan repayment, repo facility funding, and share buybacks.
The company faces mounting liquidity pressures. With a working capital deficit of $5.7 million as of June 30 and only $3.7 million in cash, Empery may be forced to sell additional Bitcoin or secure fresh funding to meet future obligations. The company also faces upcoming capital calls of $62.1 million for a planned data center acquisition, on top of the $2.9 million already contributed.
Empery's position reflects a broader shift in the Bitcoin treasury company sector. Michael Saylor's Strategy recently abandoned its long-standing never-sell policy and has disposed of roughly 6,916 Bitcoin to cover dividend obligations. Trump Media & Technology Group, which held approximately $1.456 billion in Bitcoin, similarly scaled back exposure by selling 7,281 BTC for $545 million in 2026 at an average price of $74,860, locking in losses exceeding $318 million.
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