Empery Digital shares rise after selling Bitcoin treasury to fund AI data center project
The sales come months after a major Empery shareholder demanded the firm ditch its Bitcoin treasury strategy and force the resignation of its CEO and board.
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.