Empery Offloads Bitcoin Reserves to Shore Up Balance Sheet

The sell-off, executed between May 7 and July 10 at an average price of $62,200 per coin, leaves Empery with 1,514 BTC and $73.9 million in cash reserves. This move marks a sharp departure from the company's August 2025 stance, when it operated as Volcon and held over 4,018 BTC with ambitions to become a low-cost, capital-efficient aggregator.

Financial filings indicate that the firm is prioritizing its current obligations over treasury expansion. On July 7 alone, the company repaid $10 million in debt, though approximately $45 million remains outstanding under its current facility. This follows an earlier divestment period between January and March 2026, during which the company sold 722 BTC for $50 million.

Market peers are diverging significantly in their treasury management. While Nakamoto Inc. recently offloaded 600 BTC to refinance debt and lower financing costs, Capital B has taken the opposite path. Shareholders at Capital B recently authorized a massive financing framework, including potential equity issuance and credit instruments, to aggressively expand their Bitcoin holdings. For now, Empery remains committed to a leaner treasury model as it navigates ongoing stockholder litigation and operational expenses.