What is the remaining authorized capital and share count available for repurchase, and how does this activity compare to industry peers?
Remaining capacity in the buy‑back
- Authorized cash: $100 million
- Cash already spent: ≈ 1,009,115 shares × $7.29 ≈ $7.36 million
Cash left: $100 M – $7.36 M ≈ $92.6 million
Shares already bought: 1,009,115
Implied average price: $7.29 per share (fees included)
Shares that could still be purchased at that price: $92.6 M ÷ $7.29 ≈ 12.7 million shares (roughly 1.26 % of the current float).
How the program stacks up against peers
Empery Digital’s $100 M program is large for a mid‑cap crypto‑mining stock (current market cap ≈ $200 M), representing roughly 5 % of its market value and giving the company room to buy back more than 12 million shares. By contrast, most peers in the digital‑asset mining space—e.g., Marathon Digital (MARA), Riot Platforms (RIOT) and Bitfarms (BITF)—either run modest buy‑back authorizations (typically $20‑$50 M) or have not announced any program at all. Those peers are also using a higher proportion of cash for capital expenditures and staking‑related investments, leaving less flexibility for share repurchases. Consequently, Empery’s aggressive buy‑back signals strong balance‑sheet confidence and can act as a relative undervaluation catalyst; the market may price in a higher demand for the stock, especially if the price stays near or below the $7‑$8 range where the company has been accumulating shares.
Trading implications
- Short‑term bias: The remaining $92.6 M gives the company ample runway to continue buying in the $7‑$8 band, which should provide price support and potentially lift the stock toward the $8.50‑$9.00 resistance zone.
- Long‑term view: If the buy‑back proceeds at current averages, Empery could retire roughly 12 % of its outstanding shares, tightening supply and improving EPS‑per‑share metrics. This is a differentiator versus peers and can justify a buy‑on‑dip or accumulation strategy for traders who expect the broader crypto‑mining sector to stabilize.
- Risk check: Monitor cash flow from mining operations—if commodity price pressure reduces cash generation, the company may slow or pause the repurchase, which could cause a short‑term pull‑back. Keep an eye on any SEC filings that may adjust the authorized amount or price limits.