Less than a year ago, Empery Digital was buying Bitcoin by the hundreds of millions. Now it is considering selling some of that Bitcoin to fund a $65 million bet on AI infrastructure.

The company, which trades on Nasdaq under the ticker EMPD, announced on June 30 that it plans to acquire a 25% ownership stake in a newly formed entity focused on converting a Midwest industrial property into an AI data center. The deal is expected to close in Q3 2026.

What the deal actually looks like

The facility already has 150 megawatts of power capacity in place, with room to scale to 300 MW.

Empery is partnering with Hunt Properties on the project, combining what the company describes as its capital markets expertise with Hunt’s background in power procurement and infrastructure development.

The financial structure is notable. The tenant of the AI data center will cover both build-out costs and operating expenses. Empery says long-term lease payments from the arrangement could reach $1 billion, which would represent a significant return on a $65 million entry check.

To fund the investment, Empery is considering selling a portion of its remaining Bitcoin holdings, which currently sit at approximately 2,914 BTC valued at around $170.7 million as of June 30.

The company is also discontinuing its Bitcoin-based net asset value dashboard, which it previously used to track BTC holdings as a core metric.

From Bitcoin maximalist to AI infrastructure play in under a year

Empery Digital, formerly known as Volcon Inc., adopted its Bitcoin treasury strategy in July 2025, raising over $481 million and deploying over $473 million of that into Bitcoin purchases.

The company sold 370 BTC in early 2026 at an average price of $66,632 per coin. The remaining 2,914 BTC represents a meaningful position, but it is a fraction of what the company was accumulating less than 12 months ago.

The company faced shareholder activism related to its Bitcoin treasury approach, a recurring theme among smaller firms that adopted aggressive digital asset strategies.

What this means for investors watching the space

Empery’s stock declined following the AI investment announcement.

The bear case is straightforward. Empery spent most of 2025 building a Bitcoin treasury identity, raised hundreds of millions around that thesis, and is now selling that Bitcoin to fund a single illiquid infrastructure bet that gives them a 25% stake, not operational control, in one data center.

The bull case: AI data center demand is real and growing fast. Facilities with existing 150 MW capacity are genuinely scarce. A structure where the tenant covers build-out and operating costs while Empery collects lease revenue is capital-light once the $65 million check clears. And a potential $1 billion in long-term lease payments, if it materializes, would transform the company’s financial profile.

For investors, the key question is execution. Empery has demonstrated an ability to raise capital quickly, having pulled in over $481 million in 2025. The Q3 2026 close date for the deal will be the first real milestone to watch, followed by any announcements about the data center tenant, whose identity has not been disclosed.