Empir Digital Sells 1,400 Bitcoin for $87.1 Million to Repay Debt, Fund AI Pivot
Summary
- Empir Digital said it sold 1,400 BTC at an average price of $62,200 to raise about $87.1 million.
- The proceeds will be used for debt repayment, real estate purchases, and legal costs.
- Empir Digital is shifting its business strategy toward artificial intelligence (AI) infrastructure and will stop disclosing net asset value (NAV) based on its Bitcoin holdings.
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Nasdaq-listed bitcoin holder Empir Digital has sold 1,400 Bitcoin to repay debt and fund other expenses.
Wu Blockchain reported on July 10 that Empir Digital disclosed in a filing with the US Securities and Exchange Commission that it had sold 1,400 Bitcoin since May at an average price of $62,200, raising about $87.1 million.
The proceeds will be used to repay debt, finance a previously announced real estate purchase and cover legal costs.
Empir Digital recently shifted its business strategy toward artificial intelligence infrastructure. It also said it will stop disclosing net asset value, or NAV, based on its Bitcoin holdings as its AI and energy infrastructure businesses make up a larger share of operations.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.