Empery Digital has started selling Bitcoin at prices far below its reported acquisition cost, about a year after adopting a corporate treasury strategy centered on BTC.
The company was previously known as Volcon and originally operated in electric off-road motorcycles. In July 2025, it rebranded and changed direction, then began buying Bitcoin in size. PANews said the company accumulated roughly 4,000 BTC at an average cost of about $117,600, for total spending near $470 million, and later lifted that position to a peak of 4,081 BTC.
1,400 BTC sold at about $62,000 each
According to PANews, Empery Digital reduced its holdings multiple times in 2026. The latest disclosed sale, announced on July 10, involved 1,400 BTC for $87.1 million, implying an average price of roughly $62,000 per coin.
Compared with the reported average purchase price of about $117,600, that 1,400 BTC sale alone amounted to an estimated loss of about $77 million relative to cost. Based on the figures in the report, the company now holds 1,514 BTC and has around $73.9 million in cash on its books.
The report framed Bitcoin as an asset that had been presented as a long-term strategic holding, but one that the company ultimately sold after the market price had fallen sharply from its cost basis.
A reversal within three months
The sales came after pressure on the balance sheet intensified. As Bitcoin fell from its highs, the company’s unrealized loss on its BTC holdings reached about 46% by February 2026, equal to roughly $220 million, PANews reported.
At that point, the company’s total market capitalization had dropped to around $135 million. On the figures cited in the article, the loss tied to the Bitcoin position had already exceeded the value of the company itself. That set off internal conflict.
In February 2026, a shareholder with a 9.8% stake publicly called for the CEO to resign and demanded that the company liquidate its Bitcoin and return the cash to shareholders. Management rejected that proposal. It also privately offered to buy back the shareholder’s stake, but the offer was refused.
One month later, in March, the company announced plans to raise as much as $1.3 billion to buy more Bitcoin. Within a few months, though, the direction changed and the company began selling coins and redirecting the cash to other obligations.
Cash from Bitcoin sales redirected to debt, acquisition plans and legal costs
On July 7, the company used part of the funds to repay $10 million of debt. It still had $45 million outstanding, according to the report.
The remaining money was earmarked for a planned acquisition of AI data center equity and for legal fees linked to shareholder litigation.
The largest identified use of proceeds was a $65 million deal for a 25% stake in a convertible AI data center facility in the U.S. Midwest. Co-CEO Ryan Lane was described as leading the transition. The company also said it would discontinue its Bitcoin holdings dashboard and shift its strategic focus to AI infrastructure projects.
From electric motorcycles to Bitcoin treasury to AI data centers
The company’s path has now run through three themes: electric off-road motorcycles, a Bitcoin treasury strategy and AI data centers.
PANews said this was not an isolated case. In the first quarter of this year, Bitcoin mining giant MARA sold more than 20,000 BTC to repay debt. In the second quarter, Strategy also began selling Bitcoin to pay preferred stock dividends.
The report described this approach as a treasury model built on issuing debt to buy Bitcoin and relying on a rising BTC price to lift the company’s stock. That model works only as long as Bitcoin stays above funding costs. Once it falls below that level, debt pressure can force companies to sell.
At the point described in the report, Empery Digital still held 1,514 BTC while betting on AI data center assets.