Empery has sold 1,400 Bitcoins for approximately $87.1 million since May, using the proceeds to reduce debt, fund acquisitions, cover legal costs and shore up its cash flow while reducing some of its Bitcoin cash.
Summary
- Empery sold 1,400 BTC for $87.1 million to reduce debt and fund operations.
- The company now holds 1,514 BTC and approximately $73.9 million in cash.
- Capital B and Nakamoto are pursuing different Bitcoin cash flow strategies through financing and refinancing.
Bitcoin sales strengthened Empery’s balance sheet
According to Empery, the Nasdaq-listed company sold the 1,400 BTC between May 7 and July 10 at an average price of $62,200 per Bitcoin. The transactions generated approximately $87.1 million in gross proceeds, leaving the company with 1,514 BTC and approximately $73.9 million in cash as of July 10.
Company filings show that profits are spread across multiple financial obligations rather than additional Bitcoin purchases. Empery said the funds were being used to pay down debt, finance a previously announced property acquisition, cover legal costs related to ongoing shareholder litigation and support general operations.
As part of these efforts, Empery revealed that it paid off $10 million in outstanding debt on July 7. Even after that payment, the company said about $45 million remained outstanding under its credit facility.
The latest sell-off follows a previous round of Bitcoin sales this year. In its annual report, Empery revealed that it sold 722 BTC for approximately $50 million between January 1 and March 25, 2026, while also warning investors that future Bitcoin sales could affect both its financial results and overall financial position.
Previous cash expansion has given way to liquidity needs
The latest sales contrast with the company’s Bitcoin accumulation strategy announced last year. As of August 2025, when the company was still operating as Volcon, Empery said it held over 4,018 BTC and described its strategy as becoming a low-cost, capital-efficient Bitcoin aggregator.
Recent cash flow decisions by other publicly traded Bitcoin holders show that companies are taking different approaches depending on their balance sheet needs. As previously reported by crypto.news, Nakamoto Inc. reduced its outstanding debt by approximately $45 million after selling approximately 600 BTC and using derivative positions linked to Bitcoin, generating approximately $48 million in net proceeds.
The company also refinanced most of its remaining borrowings through 2027, reduced its funding costs and retained approximately 4,467 BTC worth more than $280 million, according to company figures.
Capital B moved in the opposite direction by seeking additional funding to expand its Bitcoin holdings rather than selling existing reserves. As previously reported by crypto.news, shareholders approved a financing framework in June authorizing up to €5 billion in new equity issuances and €100 billion in credit instruments.
According to Alexandre Laizet, board director of Capital B’s Bitcoin Strategy, the proposal would allow the French Bitcoin treasury company to issue up to 125 billion new shares at their current par value as well as a significant pool of debt and credit instruments to finance further Bitcoin purchases.
Unlike Capital B’s capital raising strategy or Nakamoto’s refinancing plan, Emery’s latest disclosures show that the company is relying on Bitcoin sales to meet its immediate financial obligations while maintaining a smaller digital asset treasury on its balance sheet.
