Empery Digital Inc. (EMPD) is moving aggressively to scale its Bitcoin treasury, with plans to raise up to $1.3 billion through a combination of equity offerings — a shelf registration covering up to $200 million in securities and an at-the-market program allowing for up to $1.1 billion in common stock sales.
The Texas-based company, formerly an all-electric off-road powersports vehicle maker that sold motorcycles, e-bikes, and UTVs before pivoting away from that business entirely, rebranded from Volcon, Inc. in July 2025 to reflect its new identity as a digital asset treasury company. The company intends to deploy net proceeds primarily toward Bitcoin acquisitions, in keeping with its stated strategy of maximizing BTC per share as the key measure of shareholder value. According to our data, the company currently holds 3,502 BTC, placing it 25th among publicly traded companies.
With Bitcoin trading around $68,500 today, fully deploying $1.3 billion at current prices would allow Empery to acquire approximately 19,000 additional BTC — bringing its total holdings to roughly 22,500 BTC. That would represent a more than sixfold increase from its current position and, according to our data, would move them from 25th all the way up to 7th on the Bitcoin 100, leapfrogging past Riot Platforms, Coinbase, Hut 8, Strive, CleanSpark, Tesla, and nearly two dozen others in a single push.
The capital raise comes at a turbulent moment for Empery, which has been navigating an active fight with a major shareholder pushing to liquidate its Bitcoin holdings entirely. The pressure took its toll — according to our data, Empery sold 579.39 BTC during the dispute, a significant concession for a company that had staked its identity on accumulation. That makes these filings all the more striking. Rather than retreating, management is coming back hard, pursuing a raise large enough to vault them firmly into the top 10 and then some. It's a clear signal that Empery views the proxy fight as a distraction, not a direction change.
What makes the ambition even more notable is how little of their firepower has been used so far. Of the $1.1 billion ATM program, the company has tapped just $1.5 million to date — meaning the vast majority of that runway remains untouched and ready to deploy.
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