Shares in Bitcoin treasury company Empery Digital rose on Friday after the firm disclosed it had sold nearly half its Bitcoin holdings to fund an AI data center project and pay down debt.
Empery Digital (EMPD) shares popped 4.2% to $3.95 within the first 35 minutes of trading on Friday after the company revealed that it sold 1,400 Bitcoin (BTC) at an average of $62,200 a coin for roughly $87.1 million over the past two months.
Empery, which previously operated as an electric powersports vehicle manufacturer, said some of the proceeds funded its 25% stake in a Hunt Properties-affiliated venture, which is acquiring an industrial site to be converted into an AI data center. Another $10 million was also used to pay off outstanding debt.
While EMPD retraced to $3.86 — closing up 1.58% on the day — the initial pop suggests that investors viewed the Bitcoin sale favorably at a time when confidence in Bitcoin treasury strategies is fading and capital is flowing toward AI instead.
EMPD’s change in share price over the last five trading days. Source: Google Finance
Empery’s Bitcoin sales follow months of pressure from Tice P. Brown, a near-10% shareholder in the company, who called on the firm to abandon its Bitcoin-buying strategy and demanded that the CEO and entire board resign. Empery had pivoted to a Bitcoin-centric treasury strategy in mid-2025 when Bitcoin was pushing towards its all-time high of $126,080 set in October.
The Bitcoin sales trimmed Empery’s holdings by 48% to 1,514 Bitcoin, worth $97 million at current prices.
Related: Bitcoin miners’ AI pivot faces investor scrutiny over insider sales
Empery held a company-high 4,081 Bitcoin at its peak before offloading some of the holdings in March and April.
Strategy sold more BTC after STRC incident
Even Strategy — the largest corporate Bitcoin holder — sold 3,588 Bitcoin worth $216 million earlier this month, parting from its previous “never sell your Bitcoin” position in a move that actually saw shares in the company rise.
Strategy said it used the Bitcoin sale to cover dividend payments for investors in its top perpetual preferred stock offering, Stretch (STRC), which broke below its $100 par value to below $75 last month, raising fears that its dividend model was unsustainable.
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