Nasdaq-listed Bitcoin treasury firm Empery Digital has added completed AI infrastructure investments to its strategy, closing on $20 million in preferred stock in Cardinal Data Power, with larger asset commitments remaining subject to conditions.
The company announced on July 20 that it had signed and completed its investment in Cardinal, acquiring an approximately 8% stake in the developer, which is owned by Hunt Properties. The deal was part of Cardinal’s approximately $70 million Series A to support its proposed West Texas data center campus. Future capacity, conversion of campus agreements to binding leases, and power delivery dates are still anticipated.
While Empery did not say that the recent Bitcoin sales directly funded Cardinal, the completed investment supports a broader capital allocation shift. The company had already notified the change on June 30th, when it said that its NAV reporting based on Bitcoin holdings did not fully reflect the company’s overall NAV, so it discontinued its financial dashboard.
According to a July 10 filing, Empery sold 1,400 BTC from May 7 to July 10 at an average price of $62,200, generating approximately $87.1 million in total revenue. We used a portion of the proceeds to pay down $10 million in debt and generate cash for other property acquisitions in the Midwest, shareholder litigation costs, and business operations.
As of July 10, Empery reported 1,514 BTC, approximately $73.9 million in Treasury cash, and a balance of $45 million in debt facilities. The company’s July 23 filing with Cardinal does not provide any new quantitative financial balances.
Another deal in the Midwest is the $65 million Empery investment commitment through EMHU, an organization that promotes real estate acquisitions. Under the EMHU agreement, Empery contributed $2.9 million and pledged an additional $62.1 million upon the scheduled closing of the property. The acquisition remains scheduled for the third quarter, subject to due diligence and other conditions, but the intended tenant arrangement was still a non-binding letter of intent rather than a definitive lease.
If the real estate purchase agreement is terminated before closing, the filing specifies that $400,000 will be returned to Empery, but recovery of the remainder of the initial contribution is not established. The stated $62.1 million contribution is contingent on a planned closing, without which the projected property and tenant economics will remain unrealized.
Therefore, while Empery no longer presents Bitcoin as the sole measure of its business, it has not left Bitcoin or its debt behind.
While the latest numbers still show 1,514 BTC and $45 million in capital debt, the company’s latest completed investment sits next to a larger unfinished deal.
Closing on the Midwest property and securing a final tenant lease is now the clearest test of whether Pivot can generate exposure beyond its balance sheet.
(Tag Translation) Bitcoin
