Empery Digital sold 1,400 bitcoins for around $87.1 million over the past two months and will use the proceeds to help finance its AI infrastructure expansion, repay debt and cover legal expenses, according to a filing on Friday.

The Nasdaq-listed company said it sold the bitcoins at an average price of $62,200 since May 7. The 8-K filing states that Empery will use the cash to repay $10 million in outstanding debt and will help fund a $65 million commitment to an AI data center project.

The investment will give Empery a 25% stake in a Hunt Properties-affiliated venture acquiring a power-rich industrial site in the U.S. that the partners plan to convert into an AI data center campus.

The sale is Empery's largest reduction to its bitcoin holdings to date as it pumps the brakes on its accumulation strategy. Last year, dozens of bitcoin and crypto treasury companies emerged following Michael Saylor's Strategy playbook, essentially betting they could deliver long-term returns to shareholders as leveraged cryptocurrency holders.

Empery raised more than $500 million last July to launch its bitcoin treasury business after pivoting from electric powersports vehicles. The company, then known as Volcon, ultimately amassed more than 4,000 BTC, placing it among the top 25 publicly traded bitcoin holders.

Despite the sales, Empery remains a major corporate bitcoin holder. As of July 10, the company still holds 1,514 BTC, worth nearly $100 million, alongside approximately $74 million in cash. 

Empery Digital (Nasdaq: EMPD) rose 1% on Friday but remains down nearly 18% year-to-date and about 82% since launching its bitcoin treasury strategy last July.