Empery Digital repurchases 122,955 shares at an average of $2.89 under its program
Key Facts
Empery Digital resumed share repurchases, buying 122,955 shares during the week ended October 23, 2026, at an average of $2.89 per share, including fees and commissions, according to a company statement attached to its filing with the U.S. Securities and Exchange Commission. The purchases were made under a $200 million repurchase program. Management said it believes the company’s shares are undervalued relative to its balance sheet and that buying at current levels represents an attractive use of capital. The company said that as of October 23 it had 1,018 bitcoin, about $70 million in cash and about $35 million in debt. The filing frames the resumption of purchases in the context of the company balancing its cash and digital asset holdings with its investment commitments.
After the announced purchases, 29,694,955 shares were outstanding, including the potential exercise of 1,653,686 pre-funded warrants, according to the filing. Over the course of the program, the company had repurchased a total of 26,363,499 shares through October 23, with about $50 million remaining under the authorization. The figures show that the week’s purchases were part of a broader program, while the remaining amount defines the capital still available for execution. The statement did not give a timetable for future purchases. The company’s filing also did not state the stock’s high and low prices during the October 23 session.
Empery Digital said management believes the stock is trading below its value relative to the balance sheet and that it will make repurchases opportunistically while retaining sufficient liquidity for current commitments. It added that liquidity should also remain available for investment opportunities in AI infrastructure. Co-CEO Ryan Lane said the company is balancing “share-enhancing repurchases with investments capable of generating tangible cash flows.” The approach links reducing the share count through buybacks with funding a new business that could generate revenue. The company said the timing of purchases will remain tied to its need to fund its commitments and investment opportunities.
The company’s push to step up repurchases dates to its February 2, 2026 announcement, when it said it wanted to address the gap between its market value and net asset value. It said at the time that purchases could be funded by selling bitcoin, borrowing or both. In that update, it said it had bought 14,041,998 shares through January 30 at an average of $6.94 per share, including fees and commissions, with about $53 million remaining available. The program announced at the time was valued at $150 million. The sequence allows a comparison of earlier purchases with the latest ones, alongside the different amounts the company said remained available in each update.
In an update issued on August 25, 2026, the company said it held 1,179 bitcoin and about $62 million in cash, against debt of $35 million. It then estimated net asset value per share at about $4.83, based on a bitcoin price of $79,800. By October 23, the company reported holdings of 1,018 bitcoin and about $70 million in cash, with debt still at about $35 million. The disclosures reflect reported balances on two different dates, while the August valuation tied the estimated value per share to the bitcoin price used in the calculation. Management cites the stock’s comparison with the balance sheet to justify repurchases, without the statement providing an independent valuation of the stock.
Alongside the buyback, Empery Digital agreed to invest $65 million for a 25% stake in a private entity acquiring a data center facility in the Midwest. The facility has capacity of 150 megawatts, with the potential to expand to about 300 megawatts. The investment places a significant use of capital alongside the repurchase program, explaining the company’s emphasis on retaining liquidity for commitments and infrastructure opportunities. It said Hunt Properties continues to work on a 15-year triple-net lease for the facility. The tenant is expected to fund construction, power usage and operations, while Empery Digital said its funding commitment is limited to its initial $65 million investment.
The company expected to enter into the lease in the near term, without specifying a calendar date, making the signing the next announced step in the data center project. The filing puts the proposed lease term at 15 years and says the expected tenant will fund construction, power and operations. Empery Digital’s stake is tied to its initial investment in the private entity, and the company set its commitment at $65 million. The arrangement comes as management says it wants to continue repurchases while retaining liquidity for commitments and investment opportunities. The statement did not announce a more precise date for completing the lease.