- Empery Digital’s bitcoin purchases over the first nine months of 2026 totaled just $2.05 million, down sharply from $451.6 million in the same period a year earlier
- Proceeds from sales of digital assets over the same nine-month period reached $211.5 million, reflecting a significant drawdown of the company’s treasury
- Bitcoin holdings stood at $78.2 million as of September 30, 2026, split between $14.27 million held freely and $63.93 million pledged as collateral for a Coinbase loan
Empery Digital’s quarterly report, filed November 6, 2026, reveals a marked shift away from the aggressive bitcoin accumulation the company pursued a year earlier. Purchases of digital assets over the nine months ended September 30, 2026 totaled just $2.05 million, a steep decline from the $451.6 million the company spent accumulating bitcoin over the comparable nine-month period in 2025. The contrast suggests the company has substantially stepped back from active bitcoin buying this year.
At the same time, the filing discloses that proceeds from sales of digital assets reached $211.5 million over the nine-month period, a figure that, set against the sharp drop in new purchases, points to a company that has been net reducing its bitcoin position in 2026 rather than continuing to grow it. The company’s remaining bitcoin holdings stood at $78.2 million as of September 30, 2026, split between $14.27 million held unencumbered and $63.93 million pledged as collateral securing a loan from Coinbase, meaning a majority of the company’s remaining bitcoin exposure is not freely available but committed against an existing debt obligation.
The filing also shows volatility in the company’s reported gains and losses tied to its bitcoin holdings: a nine-month net loss on digital assets of $69.3 million, even though the third quarter in isolation produced a $37.0 million gain, illustrating how a company’s full-year figure can mask meaningfully different results across individual quarters within it. Empery Digital accounts for its bitcoin holdings as an indefinite-lived intangible asset under current US accounting standards, with fair value determined using quoted prices from the Gemini exchange.
The shift from major accumulation to active selling represents a notable reversal for a company that, a year earlier, was deploying capital into bitcoin at a pace of close to half a billion dollars over a comparable stretch. Whether this reflects a permanent change in treasury strategy, a response to the loan collateral arrangement, or simply a pause ahead of renewed buying is not addressed directly in the filing itself.
Empery Digital’s trajectory this year stands in contrast to several peer companies that have continued growing their bitcoin treasuries substantially over the same period, highlighting how varied corporate approaches to bitcoin accumulation have become even within the same broad category of publicly traded treasury companies. The full quarterly filing is available on SEC EDGAR.
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