Empery Digital, a Nasdaq-listed bitcoin treasury company formerly known as Volcon, said it sold 1,400 bitcoin at an average price of US$62,200 each, generating about US$87.1 million in gross proceeds to help fund a 25% stake in an AI data center project.

The company said earlier in July that it would need US$65 million to close the deal. Empery Digital now holds 1,514 bitcoin and said it does not plan to buy more. It may sell more of its bitcoin holdings to fund other opportunities.

The investment is in a private entity acquiring a Midwest industrial facility with about 150 megawatts (MW) of available capacity under an existing power agreement, plus an owned substation and related infrastructure.

A load study said the facility’s capacity could rise to about 300 MW for AI workloads.

An affiliate of Hunt Properties is the managing member of the acquisition entity and has signed a non-binding letter of intent for a triple-net lease with a compute provider serving an AI hardware company.

🔗 Source: CoinDesk