On June 30, Nasdaq-listed Bitcoin treasury company Empery Digital announced a definitive cooperation agreement with Hunt Properties, acquiring a 25% equity stake in a new project entity for $65 million. The entity plans to acquire and retrofit industrial plants in the U.S. Midwest to develop professional AI data centers. The two parties also formed a long-term strategic partnership to jointly develop computing assets, expand AI and high-performance computing (HPC) infrastructure, and integrate advantages in electricity supply, grid access, and capital market financing.
Behind the Termination of Bitcoin NAV Disclosure
Notably, Empery Digital simultaneously announced it would cease public disclosure of net asset value (NAV) based on its Bitcoin holdings. The company explained that its current asset structure can no longer be adequately measured solely by Bitcoin holdings, and its future focus will be on seizing growth opportunities in AI computing and energy infrastructure through diversified expansion of physical computing operations. This decision marks the company's transition from a single Bitcoin reserve strategy to a hybrid infrastructure operator.
Market Implications of the Strategic Pivot
Empery Digital's move reflects an emerging trend among Bitcoin treasury companies—combining digital asset accumulation with physical computing infrastructure. Acquiring industrial plants for data center conversion not only generates stable long-term cash flows but also capitalizes on the AI boom to enhance asset value. Meanwhile, ceasing Bitcoin NAV disclosure signals that the company no longer wishes to be simply categorized as a 'Bitcoin holding vehicle' by the market, but aims to become a comprehensive entity focused on AI computing and energy infrastructure. For investors, this requires re-evaluating the company's valuation model—shifting from a traditional Bitcoin discount/premium framework to asset net value and operational cash flow analysis.
The conversion of Midwestern industrial plants into data centers has become a popular trend, with several tech funds already deploying in the region due to lower electricity and land costs. Empery Digital's entry will further accelerate the scaling of AI infrastructure in the area.