Inside the $87 million BTC sell-off driving a Bitcoin treasury pivot into AI data centers

Nasdaq-listed Bitcoin treasury company Empery Digital has added a completed AI-infrastructure investment to its strategy, closing a $20 million preferred-equity stake in Cardinal Data Power while a much larger property commitment remains conditional.

The company said it signed and closed the Cardinal investment on July 20, taking an approximately 8% stake in the Hunt Properties-affiliated developer. The deal formed part of an approximately $70 million Series A intended to support Cardinal’s proposed West Texas data-center campus. Its future capacity, conversion of a campus letter of intent into a binding lease, and power-delivery dates remain projections.

The closed investment confirms a broader capital-allocation shift, although Empery has not said its recent Bitcoin sales directly funded Cardinal. The company had already signaled the change on June 30, when it discontinued its treasury dashboard because it said NAV reporting based on Bitcoin holdings no longer fully reflected total company NAV.

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