Bitcoin (BTC) treasury company Empery Digital Inc. has sold 63 BTC for an average price of $72,791 per coin, generating roughly $4.6 million in gross proceeds to fund an aggressive stock repurchase program. The sale, executed during the week ending March 20, 2026 and disclosed from its U.S. operations, is part of a broader effort to finance buybacks and reduce balance‑sheet leverage. Following the transaction, Empery said it still holds 3,439 BTC in its treasury, keeping it among the larger listed corporate Bitcoin holders.

The sale was announced alongside a $25 million registered direct equity offering, where Empery agreed to issue approximately 4.64 million shares of common stock at $5.39 per share, together with an equal number of warrants. Net proceeds, plus cash on hand, are earmarked to retire about $40 million of debt by fully repaying a $50 million repo facility and drawing an additional $10 million from an existing $100 million credit line with lender Two Prime. “We intend to use the proceeds from this offering, together with cash on hand, to meaningfully reduce our secured debt while continuing to return capital to shareholders via repurchases,” the company said.

From “stacking sats” to capital structure engineering

Empery describes itself as being “built on principles, powered by Bitcoin,” with a strategy focused on maximizing bitcoin per share rather than simply stacking coins on its balance sheet. In a series of recent updates, the company has repeatedly sold small BTC clips — 60 BTC at an average of $66,583 in late February for roughly $4 million, and another 60 BTC at around $70,534 in mid‑March for about $4.2 million — and used the proceeds to buy back stock. As of February 27, Empery had repurchased 18,685,725 shares under its $200 million authorization; by mid‑March that tally had climbed to 21.3 million shares, with management signaling that “existing cash balances and reductions in bitcoin holdings” would continue to fund repurchases as needed.

The trade‑off is explicit: fewer BTC, but a smaller equity base and a less leveraged balance sheet, which could Empery more exposed if Bitcoin enters a deep drawdown, with the company itself cautioning that its stock price “may be highly correlated to the price of the digital assets that it holds” and pointing to the “highly volatile nature of the price of bitcoin and other cryptocurrencies” among key risk factors. Supporters counter that if BTC resumes its long‑term uptrend, shrinking the share count while keeping thousands of coins on the balance sheet could deliver outsized net asset value per share gains over time.

One macro takeaway is clear: after a decade where “Bitcoin treasury strategy” mostly meant one‑way accumulation, firms like Empery are now actively trading around their stacks — monetizing strength to pay down debt, repurchase stock, and manage risk rather than simply buying and holding at all costs.