Empery Digital (BTC treasury firm) invests $20 million in Cardinal Data Power, validating crypto-to-AI datacenter conversion.
Empery Digital has invested $20 million in Cardinal Data Power, acquiring approximately 8% equity in the private developer of powered data center campuses. The capital was committed as part of Cardinal's $70 million Series A financing and will fund development of a 750-megawatt data center campus in West Texas. The project is expected to deliver its first power in 2027, expand to approximately 1 gigawatt by 2029, and eventually exceed 5 gigawatts.
Cardinal develops powered data center campuses for artificial intelligence and high-performance computing workloads, combining power generation, natural gas supply, and electrical infrastructure to accelerate large-scale computing site deployment.
This investment marks Empery's continued pivot away from the Bitcoin treasury strategy it adopted in mid-2025. Earlier this month, the company disclosed selling approximately 1,400 Bitcoin over a two-month period for roughly $87.1 million, deploying proceeds toward AI infrastructure investments and debt repayment. The sales have reduced the company's Bitcoin holdings to 1,514 BTC, down from a peak of 4,081 BTC before reductions began in March.
Empery's strategy shift follows mounting shareholder pressure from Tice P. Brown, who has called for the company to abandon its treasury strategy and has sought the resignation of its chief executive officer and board.
The broader Bitcoin treasury landscape is undergoing significant evolution. Satsuma Technology became one of the first such companies to unwind, with shareholders voting overwhelmingly on July 20 to sell its Bitcoin holdings, return substantially all capital to investors, and delist from the London Stock Exchange—over 90% of votes supported both actions. A proposed merger between Tether-backed Twenty One Capital, Strike, and Bitcoin miner Elektron Energy was also scrapped this week, leaving Strike as a standalone company while Twenty One and Elektron continue separate discussions.
Despite these exits, Twenty One remains one of the world's largest corporate Bitcoin holders with 43,514 BTC, second only to MicroStrategy among publicly tracked corporate treasuries.
Other entrepreneurs are expanding the Bitcoin treasury concept in new directions. Last week, Bitcoin analyst Lyn Alden co-founded Orange Juice HODLINGS, a permanent-capital holding company backed by Mexican billionaire Ricardo Salinas. Launched with $40 million in initial funding, the company will acquire and hold profitable businesses indefinitely while using Bitcoin as its treasury reserve asset—combining long-term business ownership with a Bitcoin-backed balance sheet.