Empery Digital has resumed buying back its own shares while retaining a sizeable Bitcoin treasury and reserving capital for a potential artificial-intelligence data-center investment. The Texas-based company said in an October 26 filing that it repurchased 122,955 common shares during the week ended October 23 at an average price of $2.89 per share, including fees and commissions. The purchases cost about $355,000 and marked a return to activity under an existing $200 million authorization rather than the creation of a new program.

A smaller share count, with capacity still unused

Empery reported 26,363,499 cumulative shares repurchased under the program as of October 23. It said 29,694,955 shares remained outstanding after giving effect to the potential exercise of 1,653,686 pre-funded warrants, while approximately $50 million remained available under the authorization. A repurchase authorization sets an upper limit; it does not require management to spend the remaining amount or establish when future purchases will occur. The company said it intends to act opportunistically while preserving cash for existing commitments and AI-infrastructure opportunities.

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Bitcoin remains central to the balance sheet

The same disclosure listed 1,018 bitcoin, about $70 million in cash and approximately $35 million in debt as of October 23. That combination makes the buyback relevant to both equity and digital-asset investors: reducing the share count can increase Bitcoin per share if the treasury is unchanged, but the effect depends on the final share count, warrant exercises and any later Bitcoin sales or purchases. The filing did not say that Bitcoin was sold to fund this week's repurchases, nor did it disclose a new Bitcoin acquisition. The reported holdings are therefore a balance-sheet snapshot, not evidence of a crypto transaction during the week.

The data-center lease is still a proposal

Empery is also balancing the buyback with a proposed $65 million investment for a 25% interest in a private entity acquiring a Midwest data-center facility. The site currently offers 150 megawatts of power and could potentially expand to about 300 megawatts, according to the company. Its partner, Hunt Properties, is negotiating a 15-year triple-net lease under which the tenant would be expected to pay for the buildout, power use and operating expenses. However, the lease has not been executed. Management's expectation that it will be signed in the near term is forward-looking and does not guarantee a tenant, schedule or investment return.

Capital allocation now spans three risk pools

The update shows Empery allocating capital across share repurchases, a volatile Bitcoin treasury and an early-stage infrastructure project. Each carries a different risk. Buybacks can support per-share metrics when stock trades below asset value, but the company's view that its shares are undervalued is not an independent valuation. Bitcoin can materially change reported asset value as its price moves. The data-center project may add contracted cash flow if a lease is completed, yet it also introduces construction, power, tenant and private-investment risks. Investors will need future filings to determine whether the resumed purchases continue, whether the Bitcoin position changes and whether the proposed lease becomes binding.

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