What happened
Empery Digital Inc. (NASDAQ: EMPD) resumed buying back its stock. It repurchased 122,955 shares in the week ending Oct. 23.
The average price was $2.89 a share, including fees and commissions, under the company's $200 million repurchase program. As of Oct. 23, it has repurchased 26,363,499 shares in all.
Empery Digital now has 29,694,955 shares outstanding, counting the potential exercise of 1,653,686 pre-funded warrants. About $50 million remains under the repurchase authorization.
As of Oct. 23, the company held 1,018 bitcoin, approximately $70 million in cash and approximately $35 million in debt. Co-Chief Executive Officer Ryan Lane said the company is balancing accretive repurchases with investments that can generate meaningful cash flow.
The press release also updated a data center deal. Partner Hunt Properties, Inc. continues to advance a 15-year triple net lease for the Midwest AI data center facility. Empery Digital agreed to invest $65 million for a 25% interest in the private entity acquiring the site. Its funding obligation stops at that amount.
Key numbers
| Metric | Latest | Change | Source |
|---|---|---|---|
| Shares repurchased, week ending Oct. 23 | 122,955 shares | SEC 8-K, Exhibit 99.1 | |
| Average repurchase price, including fees and commissions | $2.89 | SEC 8-K, Exhibit 99.1 | |
| Bitcoin held, Oct. 23 | 1,018 bitcoin | SEC 8-K, Exhibit 99.1 | |
| Cash, Oct. 23 | $70 million | SEC 8-K, Exhibit 99.1 | |
| Debt, Oct. 23 | $35 million | SEC 8-K, Exhibit 99.1 | |
| Remaining repurchase authorization as a share of the $200 million program | 25.0% | Calculated from SEC 8-K, Exhibit 99.1 |
Read more: Empery Digital (EMPD) stock analysis and investment case
Why it matters
OptimistFi has argued that Empery Digital's value depends on growing bitcoin per share. Buybacks shrink the share count, which helps as long as the bitcoin holding stays intact.
By OptimistFi's calculation, cash is 2.0 times debt, and the unspent authorization is 25.0% of the program. That leaves room to keep buying, but not unlimited room.
The data center piece pulls the other way. That money goes to a data center stake, not bitcoin, and the lease is not yet signed. The company's own risk language cites significant valuation uncertainty in its data center investments and limited ability to influence its minority, non-controlling investments. OptimistFi reads the filing as mixed for the case.
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What's next
Hunt Properties expects to sign the lease in the near term. A signed lease with high investment grade tenants would firm up the data center side. A delay would leave the commitment unproven.
More buying under the remaining authorization would reinforce the repurchase case. The next quarterly report would update the company's bitcoin, cash and debt.
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Sources
- SEC Form 8-K, Exhibit 99.1 press release — Press release dated Oct. 26, 2026 on share repurchases, balance sheet and Midwest AI data center lease.
- SEC Form 8-K — Items 7.01 and 8.01 covering repurchases during the week ending Oct. 23, 2026 and holdings as of that date.
Read the full OptimistFi thesis on Empery Digital Inc.: https://optimistfi.com/stocks/EMPD
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The full Empery Digital Inc. investment case, its status and the next test to watch live on the Empery Digital Inc. thesis page.
Originally published on OptimistFi, evidence-first equity research. More at optimistfi.com.
