Empery Digital Reduces Unrestricted BTC Holdings by Over 75% in a Month
Empery Digital has significantly reduced its Bitcoin holdings over the past month. Between July 1st and August 6th, it sold 1,635 BTC for approximately $102.2 million. Despite this sale, Empery still held a substantial amount of BTC on August 6th: 1,279.
A key factor to consider is that 954 BTC are currently pledged as collateral for a $35 million loan. This means those coins cannot be freely sold or used by the company unless specific debt and collateral arrangements permit it.
In just over a month, Empery's unrestricted Bitcoin holdings dropped from 1,375 BTC on June 30th to 325 BTC on August 6th, a decline of approximately 1,050 BTC. This rapid reduction in BTC holdings is likely due to the company's increasing use of Bitcoin to pay for business commitments.
Empery has been utilizing its BTC sales to repay loans and cover other expenses. For instance, it sold 576 BTC in February and 186 BTC in June following collateral calls. Additionally, the lender returned 585 BTC after a $20 million debt repayment, which reduced the debt from $55 million to $35 million.