olivLaw · US equity research
Empery Digital Inc. EMPD
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
Empery Digital Inc. (EMPD), formerly Volcon, combines a bitcoin treasury strategy launched in July 2025 with more than 500 million dollars of capital raised, with a small electric vehicle segment that now consists mainly of the Brat e-bike. The company matters now because it has cut costs, sold the Volcon brand and depends heavily on bitcoin prices to support its obligations. It held 3,359 BTC as of March 25, 2026.
At the close of 04 Nov 2026, Empery Digital Inc. (EMPD) stock was 2.26 USD (−7.76% on the day), with market capitalisation 63.5 m USD, beta 1.43, 52-week range 2.26–6.61 USD. Latest reported quarter (Q2 2026): revenue of 80.0 k USD (−57.9% YoY), net income of -43.0 m USD, diluted EPS -1.53 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 32.0
- weak (30–45)
- Bollinger (20, 2)
- 2.34 – 3.37
- below the lower band · %B -0.08 · band width 36.1%
- SMA 50 / 200
- 3.00 / 3.79
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.15 / -0.09
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −26.9% | −2.0% | −24.9 pp | — |
| 3 months | −20.7% | −2.2% | −18.5 pp | — |
| 6 months | −56.0% | +4.3% | −60.3 pp | — |
| Year to date | −50.5% | +10.6% | −61.1 pp | — |
| 1 year | −63.7% | +10.5% | −74.2 pp | −52.3% |
| 3 years | −100.0% | +73.7% | −173.7 pp | −66.7% |
| 5 years | −100.0% | +61.7% | −161.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.1 m | 933.2 k | 462.3 k | 190.2 k | 198.3 k | -662.3 k | 225.7 k | 80.0 k |
| Cost of revenue | 10.3 m | 3.0 m | 504.6 k | 387.3 k | 291.6 k | -586.9 k | 162.6 k | 148.2 k |
| Gross profit | -9.2 m | -2.0 m | -42.3 k | -197.1 k | -93.3 k | -75.4 k | 63.1 k | -68.2 k |
| Operating income | -12.1 m | -3.7 m | -2.1 m | -3.5 m | -34.5 m | -112.6 m | -83.3 m | -42.1 m |
| Depreciation & amortisation | 72.3 k ≈ | 92.6 k | 40.8 k | 119.7 k ≈ | 112.2 k ≈ | 28.8 k | 14.6 k | 12.6 k ≈ |
| Interest expense | 83.3 k | 33.4 k | 89.2 k | 74.5 k | 361.5 k | 1.7 m | 2.1 m | 1.1 m |
| Pre-tax income | — | — | -2.1 m | -3.5 m | — | — | -85.4 m | -43.0 m |
| Income tax | 0 | 0 | 0 | 0 | -5.4 m | 0 | 0 | 0 |
| Net income | -13.6 m | -5.2 m | -2.5 m | -3.9 m | -29.2 m | -114.5 m | -85.4 m | -43.0 m |
| Diluted EPS | -191.46 | -69.22 ≈ | -7.27 | -7.57 | -0.80 | -3.15 ≈ | -2.59 | -1.53 |
| Operating cash flow | -4.1 m ≈ | -3.8 m | -3.6 m | -3.7 m ≈ | -7.6 m ≈ | -3.0 m | -3.5 m | -6.9 m ≈ |
| Capex | 20.7 k ≈ | 35.7 k | 201.8 k | 3.1 k ≈ | -3 ≈ | 3 | 23.7 k | 2 ≈ |
| Share repurchases | 0 ≈ | 0 | 401.8 k | 109.1 k ≈ | 38.9 m ≈ | 56.9 m | 44.2 m | 9.8 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 448.8 k | 4.5 m | 3.3 m | 4.0 m | 975.0 k |
| Revenue YoY | unavailable | +913.0% | −28.3% | +22.2% | −75.5% |
| Net income | -40.1 m | -34.2 m | -45.1 m | -45.5 m | -150.1 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -8.79 | -325.20 | -187,796.71 | -1,175.22 | -8.12 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -8,940.2% | -753.0% | -1,382.1% | -1,142.5% | -15,390.4% |
| Free cash flow | -25.0 m | -34.4 m | -30.5 m | -16.3 m | -18.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 9.0 m USD
- Financial debt
- 99.8 m USD
- Net debt
- 90.9 m USD
- Equity
- 269.2 m USD
- Total assets
- 372.4 m USD
- Debt / equity
- 0.37x
- Current ratio
- 0.27x
- ROE
- -111.5%
- ROA
- -79.3%
- FCF margin
- -1,851.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 448.8 k | 4.5 m | 3.3 m | 4.0 m | 975.0 k | SEC (XBRL)· 27 Mar 2026verified |
| Cost of revenue | 10.5 m | 13.4 m | 11.4 m | 18.0 m | 1.3 m | SEC (XBRL)· 27 Mar 2026verified |
| Gross profit | -10.1 m | -8.9 m | -8.1 m | -14.0 m | -362.6 k | SEC (XBRL)· 27 Mar 2026verified |
| Operating income | -39.2 m | -32.1 m | -29.8 m | -25.7 m | -153.5 m | SEC (XBRL)· 27 Mar 2026verified |
| Depreciation & amortisation | 218.4 k | 762.8 k | 249.2 k | 362.1 k | 301.5 k | SEC (XBRL)· 27 Mar 2026verified |
| EBITDA | -39.0 m ≈ | -31.3 m ≈ | -29.5 m ≈ | -25.3 m ≈ | -153.2 m ≈ | SEC (XBRL)· 27 Mar 2026derived |
| Interest expense | 91.2 k | 2.3 m | 5.0 m | 643.7 k | 2.3 m | SEC (XBRL)· 27 Mar 2026verified |
| Pre-tax income | — | — | — | -44.2 m | -154.0 m | SEC (XBRL)· 27 Mar 2026verified |
| Income tax | 0 | 0 | 0 | 0 | -5.4 m | SEC (XBRL)· 27 Mar 2026verified |
| Net income | -40.1 m | -34.2 m | -45.1 m | -45.5 m | -150.1 m | SEC (XBRL)· 27 Mar 2026verified |
| Diluted EPS | -8.79 | -325.20 | -187,796.71 | -1,175.22 | -8.12 | SEC (XBRL)· 27 Mar 2026verified |
| Weighted average diluted shares | 4.6 m | 23.7 m | 240 | 38.7 k | 18.5 m | SEC (XBRL)· 27 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 5.6 m | 11.5 m | 8.2 m | 2.2 m | 9.0 m | SEC (XBRL)· 27 Mar 2026verified |
| Receivables | 25.6 k | 865.0 k | 203.3 k | 88.2 k | 312.1 k | SEC (XBRL)· 27 Mar 2026verified |
| Inventories | 2.2 m | 5.6 m | 9.0 m | 1.5 m | 346.2 k | SEC (XBRL)· 08 May 2026verified |
| Current assets | 10.9 m | 20.3 m | 19.5 m | 5.1 m | 14.3 m | SEC (XBRL)· 27 Mar 2026verified |
| Property, plant & equipment, net | 809.7 k | 601.8 k | 1.3 m | 206.1 k | 234.7 k | SEC (XBRL)· 27 Mar 2026verified |
| Intangibles (excl. goodwill) | 18.1 k | 5.8 k | 0 | 15.7 k | 36.9 k | SEC (XBRL)· 27 Mar 2026verified |
| Total assets | 14.6 m | 22.7 m | 22.1 m | 6.2 m | 372.4 m | SEC (XBRL)· 27 Mar 2026verified |
| Accounts payable | 1.5 m | 1.0 m | 831.2 k | 385.3 k | 745.5 k | SEC (XBRL)· 27 Mar 2026verified |
| Short-term debt | — | — | — | 0 | 49.9 m | SEC (XBRL)· 27 Mar 2026verified |
| Long-term debt | 103.4 k | 79.7 k | 107.0 k | 0 | 49.9 m | SEC (XBRL)· 27 Mar 2026verified |
| Current liabilities | 6.5 m | 20.9 m | 40.9 m | 4.6 m | 52.8 m | SEC (XBRL)· 27 Mar 2026verified |
| Total liabilities | 8.3 m | 22.1 m | 41.8 m | 6.2 m | 103.2 m | SEC (XBRL)· 27 Mar 2026verified |
| Equity | 6.3 m † | 635.0 k † | -19.6 m † | 40.8 k † | 269.2 m † | SEC (XBRL)· 27 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | -24.2 m | -33.6 m | -29.6 m | -16.0 m | -17.8 m | SEC (XBRL)· 27 Mar 2026verified |
| Capex | 824.9 k | 799.4 k | 949.7 k | 312.1 k | 204.9 k | SEC (XBRL)· 27 Mar 2026verified |
| Free cash flow | -25.0 m ≈ | -34.4 m ≈ | -30.5 m ≈ | -16.3 m ≈ | -18.1 m ≈ | SEC (XBRL)· 27 Mar 2026derived |
| Investing cash flow | -838.0 k | -799.4 k | -860.7 k | -230.3 k | -453.8 m | SEC (XBRL)· 27 Mar 2026verified |
| Financing cash flow | 30.0 m | 40.4 m | 27.1 m | 10.4 m | 478.4 m | SEC (XBRL)· 27 Mar 2026verified |
| Share repurchases | — | — | — | 0 | 96.3 m | SEC (XBRL)· 27 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 63.5 m USD
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -274.4% | 9 (vs peers) | 24% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -40.1% | 0 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -52.3x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -33.1% | 0 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | 235.7% | 100 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial9/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Empery Digital Inc. (EMPD). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 975.0 k USD in 2025; YoY growth -75.5%; ROE -427.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 235.7%
What contradicts it
- ROIC: -274.4%
- Revenue CAGR 3Y: -40.1%
- Interest coverage: -52.3x
- Current ratio: 0.5x
- FCF yield: -33.1%
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 218.3 bn | 18.3 | 35.9% | 27.9% | +6.4% | −11% / +91% |
| COINCoinbase Global, Inc. | 38.5 bn | — | -4.7% | -12.5% | +9.4% | −47% / +17% |
| SOFISoFi Technologies, Inc. | 21.7 bn | 35.0 | 7.1% | 104.3% | +23.1% | −44% / +130% |
| KLARKlarna Group plc | 5.2 bn | — | -11.9% | -7.8% | +24.8% | −56% / unavailable |
| GPGIGPGI, Inc. | 3.7 bn | — | -20.6% | — | −85.8% | −36% / +208% |
| BLSHBullish | 3.5 bn | — | -27.3% | -0.3% | −2.2% | −47% / unavailable |
| CIFRCipher Digital Inc. | 3.0 bn | — | -156.8% | -742.3% | +48.0% | −68% / +135% |
| MARAMara Holdings, Inc. | 2.7 bn | — | -107.2% | -430.2% | +38.2% | −42% / −43% |
| WDWalker & Dunlop, Inc. | 1.3 bn | 34.4 | 2.2% | 3.0% | +9.0% | −41% / −54% |
| KEELKeel Infrastructure Corp. | 1.3 bn | — | -87.6% | -230.6% | +72.0% | −40% / +47% |
| XYFX Financial | 1.2 bn | 5.9 | 20.2% | 19.2% | +35.8% | −28% / +15% |
| CDChaince Digital Holdings Inc. | 741.4 m | — | -12.3% | -182.5% | +277.9% | −30% / +622% |
| GDOTGreen Dot Corp | 727.1 m | — | -2.8% | -1.1% | +20.7% | +2% / +59% |
| JFU9F Inc. | 536.7 m | 23.2 | 4.7% | 125.2% | +12.2% | −52% / −43% |
| CANGCango Inc. | 272.7 m | — | -130.8% | -90.4% | +524.3% | −92% / −76% |
| BKKTBakkt, Inc. | 215.0 m | — | -15.9% | -1.3% | −32.1% | −70% / −87% |
| ZSQRZ Squared Inc. | 192.4 m | — | -25.9% | -642.0% | unavailable | −81% / −84% |
| DEFTDefi Technologies Inc. | 152.4 m | 2.3 | 74.0% | 62.9% | +215.5% | −74% / unavailable |
| HSDTSolana Company | 127.0 m | — | -183.2% | -1,302.8% | +1,057.1% | −49% / −100% |
| GHIGreystone Housing Impact Investors LP | 111.0 m | — | — | -5.1% | −6.4% | −33% / −72% |
| AGPUAxe Compute Inc | 86.2 m | — | -1,565.2% | -7,769.8% | +47.7% | +24% / −85% |
| YRDYiren Digital Ltd. | 68.9 m | 8.8 | 0.6% | 1.0% | −85.9% | −91% / −86% |
| EMPDEmpery Digital Inc. | 63.5 m | — | -427.8% | — | −75.5% | −64% / −100% |
| BTCSBTCS Inc. | 54.6 m | — | -354.8% | -746.3% | +304.8% | −67% / +6% |
| ZSTKZeroStack Corp. | 47.4 m | — | -1,993.6% | -444.2% | −0.5% | −67% / −94% |
1- and 3-year price returns: for EMPD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Empery Digital Inc. (EMPD), formerly Volcon, combines a bitcoin treasury strategy launched in July 2025 with more than 500 million dollars of capital raised, with a small electric vehicle segment that now consists mainly of the Brat e-bike. The company matters now because it has cut costs, sold the Volcon brand and depends heavily on bitcoin prices to support its obligations 12. It held 3,359 BTC as of March 25, 2026 1.
SWOT
Strengths
- The company holds a large amount of bitcoin, giving direct exposure to the digital asset, and has significantly reduced operating costs 13. Capital raised in 2025 allowed share repurchases below net asset value 1.
- The operating structure is simpler after the four-wheel lines were sold, and a small team manages the treasury strategy 3. The Cardinal Power partnership widens income options beyond bitcoin 2.
- The company has earned income from trading bitcoin derivatives, providing an additional source of revenue 1.
Weaknesses
- Unrealized losses on digital assets dominated results, while bicycle revenue is small compared with treasury activity 13.
- The company carries high-interest debt secured by bitcoin, so a price decline can force sales 1.
- Material weaknesses in internal control identified in the 2020 audit have not been fully remediated, which may complicate financial reporting 1.
Opportunities
- If the data center projects with Cardinal Power proceed, the company could obtain more predictable lease income 2.
- Inventory financing for golf cart and UTV producers could generate income from the spread between cost of capital and interest 12.
- Launching new products in Europe and a cargo bike could open new markets in the second half of 2026 13.
Threats
Risks
- Dependence on the bitcoin pricehigh
Most balance sheet assets are in bitcoin, and a significant decline could make it hard to meet financial obligations 1.
- Debt and margin callshigh
Borrowings are secured by bitcoin, and if its value falls, lenders may liquidate part of the collateral 12.
- Going concernhigh
The company has a substantial accumulated deficit and depends on new financing to cover fixed costs 1.
- Internal controlmedium
Material weaknesses identified in the 2020 audit have not been fully remediated, which may affect reporting 1.
- Single manufacturermedium
Two-wheel products are made by one manufacturer, and tariffs could raise costs 1.
Investment thesis
What would need to be true (bull case)
- If the bitcoin price recovers and the company keeps repurchasing shares below net asset value, value per share could rise 1.
- Cost reductions and the sale of the four-wheel lines could make the company more efficient, and the data center partnership could add stable income 23.
- Inventory financing for golf cart producers could generate recurring income, especially if tariffs reduce competition from China 13.
What would break the thesis
What to watch
- Changes in BTC holdings and collateral pledged to lendersQ3 2026
- Repayment of the 50 million dollar loan due in August 20262026
- Completion of the Midwest property acquisition and any data center lease2026
- Launch of new two-wheel products in Europe and the cargo bikesecond half of 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Empery Digital Inc. was formed in 2020 as Frog ePowersports, renamed Volcon in October 2020 and Empery Digital on July 30, 2025, when its Nasdaq ticker changed from VLCN to EMPD 1. Since July 2025 the company has pursued a digital asset treasury strategy aimed at increasing bitcoin per share, issuing equity when it can raise capital above net asset value and repurchasing shares when they trade below it 1. Operations have been reduced to the Brat e-bike after the four-wheel product lines were sold in October 2025 1.
The company has significantly reduced operating costs, including headcount and insurance expenses, and intends to sublease underused facilities 3. Management has also announced a partnership with Cardinal Power LLC for AI infrastructure data center projects, and the acquisition of a Midwest property was still pending at the time of the August 2026 quarterly report 2.
Two-wheel products are manufactured by a third party in China, Huaian PX Intelligent Manufacturing, and sold through importers in Mexico, the Caribbean and New Zealand 1. Reliance on a single manufacturer for two-wheel products makes operations vulnerable to delays or financial difficulties at that supplier 1.
Segments
Bitcoin treasury strategy
The treasury strategy has been the main engine since July 2025, when the private placement raised over 500 million dollars, including 28 million dollars paid in BTC 1. The company has repurchased shares and used bitcoin-backed loans, while unrealized losses on digital assets dominated fiscal 2025 results 1.
Electric vehicles and inventory financing
What remains of the vehicle business is the Brat e-bike and inventory financing for Venom golf carts, through which the company aims to earn the spread between its cost of capital and interest income 12. Its revenue is small relative to the treasury activity, and the four-wheel lines are presented as discontinued operations 3.
Market context
The company operates in two distinct markets: bitcoin treasury strategies, where it competes with some 190 public companies holding BTC, and the e-bike market, where dozens of US and global producers compete 1. Compared with other treasury companies, Empery Digital holds a relatively modest amount of BTC, so results may depend more on financing policy than on bitcoin volume 1.
In e-bikes, competition rests on innovation, price, brand and distribution, and larger producers may have greater financial and marketing resources 1. The company has pointed to European cargo bike demand in cities that limited trucks and vans as an opportunity for new products in the second half of 2026 13.
Trends
- Bitcoin price volatilityheadwind
Bitcoin has traded between 60,019 and 126,117 dollars on Gemini since the strategy began, and declines flow directly into asset values and financing capacity 1. If prices fall, margin calls can force the sale of BTC 1.
- Regulation of digital assetsmixed
The regulatory framework for bitcoin and digital assets in the United States is still evolving, with possible new rules on trading, custody and taxation 12. Clearer rules could reduce uncertainty, but could also add compliance costs.
- Demand for data centers and AItailwind
The Cardinal Power partnership and the planned Midwest and West Texas data center projects show management looking to diversify income beyond bitcoin 2. If these projects proceed, they could generate more stable lease income 2.
- Tariffs on Chinese-made productsmixed
US tariffs on products made in China have reduced golf cart inventory and raised costs for bicycles made by PXID, which may affect margins 13. Management believes manufacturers in other countries could gain market share 3.
Competitive position
In bitcoin treasury strategies, Empery Digital competes with about 190 public companies holding BTC, many of which hold larger amounts and have cash-generating operations 1. Staying competitive depends on raising net asset value per share through well-timed issuances and repurchases 1.
In e-bikes, competition comes from dozens of US firms, some with stronger brands such as Super 73, and with greater marketing resources 1. In inventory financing, competitors may have access to cheaper cash than the company 1.
- Other public bitcoin treasury companies (about 190)
Public companies holding BTC in similar strategies, some with larger holdings and income from other industries 1.
- Super 73
Established e-bike brand cited as an example of a competitor with greater name recognition 1.
- US e-bike producers
Dozens of companies selling e-bikes in the US market, some with greater financial resources 1.
- US inventory financing companies
Firms that finance inventory purchases and may borrow at lower rates than the company 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report02 Nov 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report26 Oct 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report19 Oct 2026Shareholder vote
- Current report15 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report23 Jul 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report10 Jul 2026Other events
- Current report06 Jul 2026Material agreement · Termination of a material agreement · Item 3.03 · Amendments to articles or bylaws · Regulation FD disclosure · Financial statements and exhibits
- Current report01 Jul 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report30 Jun 2026Material agreement · Creation of a direct financial obligation · Regulation FD disclosure · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Empery Digital Inc. · 27 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Empery Digital Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Empery Digital Inc. · 12 Nov 2025
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.