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Empery Digital, a Bitcoin treasury company listed on Nasdaq, sold approximately half of its Bitcoin reserves to finance investments in artificial intelligence data centers.
According to a statement released by the company, Empery Digital has sold a total of 1,400 $BTC since May 7th. The average selling price of the Bitcoins was approximately $62,200, generating a total revenue of $87.1 million from the transactions.
The amount sold represented almost half of the company’s total Bitcoin reserves prior to the transaction.
The statement indicated that $10 million of the proceeds was used on July 7 to repay debts. The remaining funds are planned to be used for previously announced AI data center-related real estate investments, legal expenses arising from shareholder lawsuits, and daily operating expenses.
Empery Digital previously announced it would invest $65 million to acquire a 25 percent stake in a company planning to develop an AI data center project in the US Midwest.
The company reportedly still holds 1,514 $BTC as of July 10. These Bitcoins are said to be worth approximately $96.5 million at current prices. Empery Digital also has approximately $73.9 million in cash and $45 million in outstanding debt.
The recent sale was one example showing that publicly traded companies holding Bitcoin reserves are beginning to use $BTC not only as a long-term investment vehicle but also as a source of liquidity.
*This is not investment advice.