Empery has sold 1,400 Bitcoin over the past two months, generating approximately $87.1 million as the company works to reduce debt, fund acquisitions, cover legal expenses, and strengthen its financial position.
According to the company, the Bitcoin was sold between May 7 and July 10 at an average price of about $62,200 per BTC. Following the sales, Empery still holds 1,514 Bitcoin and approximately $73.9 million in cash.
Rather than using the proceeds to buy more Bitcoin, the company has directed the funds toward several financial priorities. These include repaying debt, financing a previously announced property acquisition, covering legal costs related to ongoing shareholder litigation, and supporting general business operations.
As part of its debt-reduction efforts, Empery disclosed that it repaid $10 million of outstanding debt on July 7. However, the company still has roughly $45 million remaining under its debt facility.
The recent sales continue a broader trend that began earlier this year. In its annual report, Empery revealed that it sold 722 Bitcoin between January and March 2026, raising around $50 million. The company also warned investors that future Bitcoin sales could affect its financial performance and overall balance sheet.
The move represents a significant shift from Empery’s earlier Bitcoin strategy. In August 2025, when the company was still operating under the name Volcon, it held more than 4,000 Bitcoin and described its goal as becoming a low-cost, capital-efficient Bitcoin aggregator.
Today, the company appears to be prioritizing liquidity and financial stability over aggressive Bitcoin accumulation.
Empery’s approach differs from strategies being used by other public companies with Bitcoin treasuries.
For example, Nakamoto recently reduced its debt burden by selling around 600 Bitcoin and utilizing Bitcoin-related derivative positions, generating approximately $48 million in net proceeds. The company also refinanced much of its remaining debt and continues to hold more than 4,400 Bitcoin.
Meanwhile, Capital B has taken the opposite approach by seeking additional funding to expand its Bitcoin reserves. Shareholders recently approved a large financing framework that could provide billions of euros through equity and debt issuance to support future Bitcoin purchases.
In contrast, Empery is using its Bitcoin holdings as a source of liquidity to meet immediate financial obligations. While the company continues to maintain a sizable Bitcoin treasury, its latest actions suggest a stronger focus on balance-sheet management and operational needs rather than expanding its cryptocurrency reserves.
The decision highlights how public companies are adopting different Bitcoin treasury strategies depending on their financial circumstances, growth plans, and funding requirements.
