Empery abandons part of Bitcoin treasury to tackle debt burden

Empery has sold 1,400 Bitcoin for about $87.1 million since May, using the proceeds to reduce debt, fund acquisitions, cover legal costs, and strengthen its cash position while scaling back part of its Bitcoin treasury.

Bitcoin sales have strengthened Empery’s balance sheet

According to Empery, the Nasdaq-listed company sold the 1,400 BTC between May 7 and July 10 at an average price of $62,200 per Bitcoin. The transactions generated approximately $87.1 million in gross proceeds, leaving the company with 1,514 BTC and roughly $73.9 million in cash as of July 10.

Company filings show the proceeds are being allocated across several financial obligations rather than additional Bitcoin purchases. Empery said the funds are being used to repay debt, finance a previously announced property acquisition, cover legal expenses related to ongoing stockholder litigation and support general operations.

As part of those efforts, Empery disclosed that it repaid $10 million of outstanding debt on July 7. Even after that payment, the company said about $45 million remains outstanding under its debt facility.

The latest disposal follows an earlier round of Bitcoin sales this year. In its annual report, Empery disclosed that it sold 722 BTC for approximately $50 million between Jan. 1 and March 25, 2026, while also warning investors that future Bitcoin sales could affect both its financial results and overall financial condition.

Earlier treasury expansion has given way to liquidity needs

The latest sales stand in contrast with the company’s Bitcoin accumulation strategy announced last year. In August 2025, when the company still operated under the Volcon name, Empery said it held more than 4,018 BTC and described its strategy as becoming a low-cost, capital-efficient Bitcoin aggregator.

Recent treasury decisions by other publicly traded Bitcoin holders show that companies are taking different approaches depending on their balance sheet needs. As previously reported by crypto.news, Nakamoto Inc. reduced outstanding debt by about $45 million after selling roughly 600 BTC and using Bitcoin-related derivative positions, generating around $48 million in net proceeds.

The company also refinanced most of its remaining borrowings into 2027, lowered financing costs, and retained approximately 4,467 BTC worth more than $280 million, according to company figures.

Capital B has moved in the opposite direction by seeking additional funding to expand its Bitcoin holdings rather than selling existing reserves. As previously reported by crypto.news, shareholders approved a financing framework in June authorizing up to €5 billion in new equity issuance and €100 billion in credit instruments. 

According to Alexandre Laizet, Capital B’s board director of Bitcoin Strategy, the proposal would allow the French Bitcoin treasury company to issue up to 125 billion new shares at their current nominal value alongside a substantial pool of debt and credit instruments to finance further Bitcoin purchases.

Unlike Capital B’s capital-raising strategy or Nakamoto’s refinancing plan, Empery’s latest disclosures show that the company is relying on Bitcoin sales to meet immediate financial obligations while maintaining a smaller digital asset treasury on its balance sheet.