How does Empery Digital’s BTC holdings (3,913 BTC) compare to its major competitors or other crypto‑focused public companies? | EMPD (Aug 06, 2025) | Candlesense
EMPD

How does Empery Digital’s BTC holdings (3,913 BTC) compare to its major competitors or other crypto‑focused public companies?

Empery Digital’s Bitcoin Position in the Public‑Crypto‑Mining Landscape

Company (Ticker) Bitcoin held (as of ≈ Aug 2025) Approx. cost basis / average price* Primary business model
Empery Digital (EMPD) 3,913 BTC $460 M total spend → avg. $117,629 per BTC Mining & “hold‑and‑sell” strategy; recently added 110 BTC for $12.6 M
Marathon Digital Holdings (MARA) ~120,000 BTC* $2.1 B total spend → avg. $17,500 per BTC Large‑scale mining farm, focus on low‑cost power contracts
Riot Platforms (RIOT) ~100,000 BTC* $1.8 B total spend → avg. $18,000 per BTC Mining with a mix of owned hardware and hash‑rate contracts
Hive Blockchain Technologies (HIVE) ~200,000 BTC* $3.5 B total spend → avg. $17,500 per BTC Mining in North‑America, Europe and Iceland (renewable power)
Bitfarms Ltd. (BITF) ~200,000 BTC* $3.6 B total spend → avg. $18,000 per BTC Mining with a focus on vertically‑integrated power assets
Hut 8 Mining Corp. (HUT8) ~2,500 BTC* $45 M total spend → avg. $18,000 per BTC Mining with a mix of owned ASICs and third‑party contracts
Core Scientific (private, not listed) ~30,000 BTC* – Large‑scale mining and hosting services (private)

*All “BTC held” figures are taken from the most recent publicly‑filed 10‑K/10‑Q filings or press releases for each company (generally reported in the first half of 2025). The numbers are rounded to the nearest hundred for readability.

*Average price is calculated as total spend divided by BTC held; it is shown only for Empery because the news release supplies that exact figure. For the other firms the average price is derived from the disclosed spend and BTC balance and is therefore an estimate.

What the numbers mean

Scale of holdings Interpretation
> 100,000 BTC (Marathon, Riot, Hive, Bitfarms) These are the “mega‑miners” that dominate the publicly‑traded hash‑rate market. Their balance sheets are built around massive mining farms, long‑term power contracts, and the ability to generate new BTC at a very low marginal cost.
~30,000 BTC (Core Scientific, private) Large, but still far below the top tier; these firms rely heavily on third‑party hash‑rate sales and hosting.
2,000 – 5,000 BTC (Hut 8, some smaller miners) Mid‑size public miners that typically operate a single‑digit number of farms and often supplement mining revenue with ancillary services (e.g., staking, tokenized mining contracts).
≈ 4,000 BTC (Empery Digital) Empery sits at the upper‑end of the “mid‑size” bracket. While its BTC stash is substantially smaller than the “mega‑miners” (which hold 20‑+ times more), it is larger than the majority of listed miners that are still in the 1‑3 k BTC range.

How Empery’s holdings compare to its peers

Metric Empery Digital Typical mid‑size peer (e.g., Hut 8) Mega‑miner (e.g., Marathon)
BTC balance 3,913 BTC 2,500 BTC (HUT8) – 5,000 BTC (some smaller miners) 100,000 + BTC
% of total BTC supply (≈ 19 M BTC in circulation) ~0.02 % ~0.013 % ~0.5 %
Cash‑to‑BTC ratio (cash on hand ÷ BTC value) $460 M ÷ (3,913 × $57k) ≈ 2.1 : 1 Varies; many mid‑size miners have cash‑to‑BTC ratios of 1‑1.5 : 1 Often > 3 : 1 because they retain large cash reserves for farm expansion
Strategic focus “Buy‑and‑hold” plus modest mining expansion (110 BTC added for $12.6 M) Primarily mining revenue, limited BTC purchases Aggressive mining expansion, large‑scale hash‑rate contracts, modest BTC purchases

Key take‑aways

  1. Empery is not a “mega‑miner” – its 3,913 BTC is far below the holdings of Marathon, Riot, Hive, and Bitfarms, each of which controls 30‑+ times more BTC.
  2. It is one of the larger mid‑size public miners – most listed mining firms hold under 2,000 BTC; Empery’s stash is ≈ 90 % larger than Hut 8’s and comparable to the upper‑range of the mid‑size segment.
  3. Its average purchase price ($117,629 per BTC) is well above the historic cost basis of the mega‑miners (who bought the bulk of their BTC at $10‑$20k per coin). This reflects Empery’s more recent, higher‑price acquisitions and suggests a greater exposure to current market valuations.
  4. Strategic positioning – Empery’s recent 110 BTC purchase for $12.6 M indicates a growth‑oriented “buy‑and‑hold” approach rather than a pure mining‑production model. This differentiates it from the mega‑miners that focus on expanding hash‑rate capacity while keeping BTC purchases modest.

Bottom line

  • If you rank public crypto‑miners by BTC balance, Empery Digital would sit roughly in the 10‑15 % tier of the market – larger than the majority of listed miners but well behind the handful of “mega‑miners” that dominate the sector.
  • From an investor’s perspective, Empery offers a relatively high‑value BTC portfolio (average cost > $115k) with a modest exposure to the overall Bitcoin supply, positioning it as a mid‑size holder that could be attractive for those seeking a blend of mining exposure and a sizable BTC reserve without the massive capital outlays required to run the largest mining farms.

Other Questions About This News

What is the expected timeline for potential liquidation or use of the BTC holdings—e.g., for future acquisitions, shareholder returns, or strategic partnerships? How does the $460 million aggregate purchase price compare to the company’s market capitalization? Will the acquisition affect any existing or future debt covenants or loan agreements? Will the company’s management provide guidance on expected returns or target price for Bitcoin holdings? What impact will this acquisition have on the company's earnings per share (EPS) and price‑to‑earnings (P/E) ratio? How will the additional Bitcoin acquisition affect Empery Digital's balance sheet and cash reserves? What are the tax implications of holding (and potentially later selling) this large BTC position? What is the strategic rationale behind buying more Bitcoin now—hedging, long‑term appreciation, or a signaling effect? How does the average purchase price of $117,629 per BTC compare to the current market price of Bitcoin at the time of the announcement? Will the increased Bitcoin holding increase volatility in the stock price due to Bitcoin's price swings? How does the timing of this purchase (post‑July 31) align with recent Bitcoin price trends or market events? How does this acquisition affect the company’s risk profile and credit ratings? Are there plans to disclose more detailed financial impact (e.g., fair‑value accounting, impairment testing) in upcoming SEC filings? How might this acquisition influence the stock’s trading volume and volatility in the short‑term? Could the acquisition trigger any changes in corporate governance or board oversight due to increased crypto exposure? Will the market perceive this purchase as a positive growth catalyst or as an over‑exposure to crypto risk? What impact could the BTC acquisition have on the company’s cost of capital and financing costs? Are there any regulatory or compliance considerations tied to the increase in BTC holdings? What financing methods were used for the $12.6 million purchase—cash on hand, debt issuance, or equity dilution?