Bitcoin treasury management firm Empery Digital is investing $65 million into a Hunt Properties-affiliated vehicle to acquire and convert an industrial site in the US Midwest into an AI data center.

The Nasdaq-listed company said it will take a 25 percent stake in a private acquisition entity that is buying the facility, which has around 150MW of available power capacity under an existing utility agreement. A recent load study found that the site could potentially be expanded to around 300MW to support AI workloads.

The site has operated as a power-intensive industrial facility for the past three years and includes an owned substation and associated infrastructure. The exact location of the facility was not disclosed.

According to an SEC filing, the partnership has entered into a definitive agreement to buy 100 percent of the equity interests of the current holder of the property for approximately $230 million.

The acquisition remains subject to due diligence and other closing conditions, with the review period currently expected to end on July 29, 2026, unless extended. Empery said it expects the deal to close in the third quarter of 2026, though it noted there is no guarantee the transaction will be completed.

The investment is being made through EMHU, LLC, a Delaware limited liability company. TexStack Infrastructure, a subsidiary of Cardinal Power, which is affiliated with Hunt Properties, holds 75 percent of the common units and serves as managing member. Empery, through its Volcon Epowersports subsidiary, holds the remaining 25 percent.

Empery has already contributed $2.9 million and has committed to contribute a further $62.1 million at closing. Cardinal Power has contributed $2.5 million and is expected to make an in-kind contribution valued at $192.5 million, according to the filing.

The Hunt affiliate has also signed a non-binding letter of intent for a triple-net lease with a “leading provider of compute,” which would, in turn, serve a global AI hardware company. Empery said the lease could potentially generate up to $1 billion in net lease payments, with the potential to roughly double if the planned power upgrade is completed.

In a follow-up announcement, Empery said its funding obligations are limited to the $65 million required for its 25 percent ownership interest. Under the terms outlined in the non-binding Letter of Intent, the prospective tenant would fund the data center build-out costs, power usage, and operating costs.

The deal marks a shift in Empery’s capital allocation strategy. The company, formerly known as Volcon, changed its name to Empery Digital in July 2025 as part of a pivot to a Bitcoin treasury strategy. The company now says it still holds Bitcoin but does not currently plan to accumulate more and may sell Bitcoin to fund this project and similar future opportunities.