Empery sold 1,635 BTC for $102.2 million in a little over a month, sharply reducing the Bitcoin it could freely access. Its unrestricted holdings fell 76% from June 30 to 325 BTC. At the same time, 954 BTC remained pledged as collateral against $35 million of debt, underscoring that a significant portion of its remaining Bitcoin was tied to financing obligations. The balance sheet could face further demands because a proposed data-center deal may require another $62.1 million, highlighting how corporate Bitcoin holdings can be constrained by debt structures and capital commitments rather than headline inventory alone.