New York, June 4, 2026, 05:09 (EDT)
- Empery Digital shares last changed hands at $3.61 ahead of Nasdaq’s regular session. The stock finished Wednesday down 8.6%, according to company and finance data.
- Company said in a June 3 SEC filing it changed its at-the-market offering deal with Aegis Capital, so the agreement will stay active until every approved placement share is sold, unless either party ends it first.
- Bitcoin slid roughly 5.5% and pushed bitcoin-treasury stocks like Strategy and Nakamoto lower as well.
Empery Digital Inc. shares dropped in Nasdaq pre-market trade Thursday after the bitcoin-treasury firm changed an existing share-sale agreement. The amended deal gives the company more room to raise funds, but investors have to weigh that against the risk of dilution.
The stock traded at $3.61 early, putting market cap near $119 million. Shares closed down 8.6% on Wednesday, Empery’s IR page and finance data showed.
An at-the-market program, or ATM, allows a company to sell fresh shares directly in the market at current prices, spreading out the issuance over time. The company can bring in cash without launching a big offering. Heavy use of an ATM can dilute current holders.
Nasdaq’s main trading hadn’t started. The official session runs from 9:30 a.m. to 4 p.m. ET, with pre-market hours from 4 a.m. up to the open. June 4 doesn’t show up on the exchange’s 2026 holiday calendar.
Empery signed Amendment No. 2 and Waiver to its ATM agreement with Aegis Capital on June 2, according to a June 3 filing. The amendment says the agreement will end automatically once all placement shares have been sold, unless it ends sooner.
Empery put up the first ATM back in 2024, allowing for up to $100 million in common stock. Then in July 2025, an amendment raised the cap by another $1 billion and cut Aegis’s fee on that increase to 1% of gross proceeds. The company’s first-quarter filing showed no ATM stock had been sold in 2026 through March 31.
Bitcoin-related stocks fell in early trading, with bitcoin near $63,262, down about 5.5%. Strategy Inc., the best-known public bitcoin accumulator, and Nakamoto Inc. were both down as well. The action comes in a weak session for bitcoin names.
Empery’s balance sheet is still linked to the token. The firm held 2,989.4 bitcoin at March 31, with 1,096.4 bitcoin marked as lender collateral. Net loss in the first quarter widened to $85.4 million from $2.5 million a year ago, mostly due to losses on bitcoin, according to the quarterly filing.
The company has responded to the discount to net asset value with buybacks. On April 20, it said 26.2 million shares had been repurchased at an average $5.71 each. As of April 17, it held 2,914 bitcoin. Management may borrow more or cut bitcoin holdings to keep funding buybacks, according to a statement.
The governance calendar has activity too. Empery last week said its 2026 annual meeting, which was going to happen July 29, is now set for Sept. 23 and will take place online.
Market reactions to treasury moves are in focus after Strategy’s small bitcoin sale. TD Cowen’s Lance Vitanza said worries about a big reduction are “misleading.” Benchmark’s Mark Palmer saw the bitcoin held as a possible “viable backstop” for preferred dividends, CoinDesk reported. But Mark Connors at Risk Dimensions saw the action as Strategy signaling capital-structure support might now matter more than keeping a no-sale stance. CoinDesk
The risk isn’t one-sided. If bitcoin holds its ground and Empery skips heavy ATM sales, buybacks under NAV might help bitcoin per share. But if bitcoin keeps dropping, the treasury shrinks and selling equity near the lows could hit holders with dilution before the market prices in the strategy.
Investors will see at Thursday’s regular open if the filing looks like basic housekeeping, a heads-up on future dilution, or just another small-cap bitcoin trade.
