Empery Digital Inc. (EMPD) · Oct 26, 2026 · Other events
Share repurchases resumed — 122,955 shares at $2.89; approximately $50 million remains
Empery Digital resumes share repurchases while its $65 million AI data-center investment remains dependent on a lease expected soon.
Empery Digital is transitioning from a Bitcoin-treasury vehicle toward AI infrastructure, while still holding a substantial Bitcoin position and making minority investments in data centers. As of June 30, 2026, it held 2,914 Bitcoin, and its recent strategy has centered on pairing digital assets with AI-data-center investments.
The company has restarted its buyback, but this is capital allocation—not a new operating engine. Empery Digital repurchased 122,955 shares during the week ended October 23 at an average $2.89 per share, bringing cumulative repurchases to 26,363,499 shares. The authorization still has approximately $50 million available, so the program has meaningful capacity left, but management gave no new size, pace, or completion target.
| Item | Filing figure |
|---|---|
| Weekly shares repurchased | 122,955 |
| Average repurchase price | $2.89 per share |
| Cumulative shares repurchased | 26,363,499 |
| Shares outstanding after potential warrant exercise | 29,694,955 |
| Remaining buyback authorization | Approximately $50 million |
| Midwest AI investment | $65 million for 25% |
| Facility power capacity | 150 MW, potentially expanding to approximately 300 MW |
The AI-data-center thesis is advancing only incrementally. The planned $65 million investment for a 25% interest and the facility’s 150-megawatt capacity were already disclosed, so the economic opportunity is not new. The update says Hunt Properties expects to execute the 15-year triple-net lease “in the near term,” but it does not announce a signed lease, tenant, closing, revenue, or cash-flow start date.
The structure limits follow-on funding, but execution risk remains the central unresolved issue. Under the proposed triple-net arrangement, the tenant would fund the buildout, power usage, and operating costs, while Empery Digital’s obligation is limited to its initial $65 million investment. That improves capital visibility versus an in-house construction project, but until the lease is definitive, the investment remains a minority, non-controlling position dependent on partners securing commercially acceptable terms.
The buyback and AI investment compete for the same capital pool. Resuming repurchases signals that management prefers deploying excess cash into shares while preserving enough liquidity for the $65 million commitment and future infrastructure opportunities. That is a clearer allocation framework than the prior activist-defense period, but the filing does not show how much cash remains after commitments or quantify the expected return from either use.
Bottom line: This is a mixed capital-allocation update: buybacks are active again, but the more important AI pivot still lacks its key execution milestone—a signed lease. The filing modestly advances the story rather than materially changing it.
Execution of the 15-year Midwest data-center lease
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