Empery Digital is a holding company built around two core activities: a Bitcoin treasury strategy and a small E-Bike business. The company raised roughly $501M in a July 2025 private placement and deployed proceeds into Bitcoin, holding 3,359 BTC as of early 2026. The primary goal is to maximize BTC per share over time, not to generate traditional operating profits. Empery Digital issues equity when its stock trades at a premium to NAV (BTC holdings plus cash, minus debt, per share) to buy more BTC, and repurchases shares when the stock trades below NAV — a model structurally similar to MicroStrategy and other Bitcoin treasury vehicles. The company supplements this with BTC derivatives trading, writing short-term puts and calls on BTC to generate incremental income. The secondary business sells the Brat, a Class 2 E-Bike manufactured in China, through dealers, direct-to-consumer, and international distributors. Empery Digital also runs a small inventory financing business, lending to Venom-EV to fund golf cart purchases and earning a spread. The company targets a lean cost structure — 15 employees — with the goal of having E-Bike and financing revenues cover operating expenses, freeing capital for BTC accumulation. Empery Digital began as Volcon, an electric off-road powersports company, and divested its four-wheel vehicle business to Venom in October 2025 in exchange for a 10% equity stake in Venom.