EMPD is replacing a mark-to-market asset with execution risk: the July 1 8-K says its $65 million buys 25% of a private vehicle, while the prospective compute tenant has signed only a non-binding LOI and the property acquisition is expected to close in Q3 2026. Tice Brown’s February demand was to liquidate BTC and return cash, but the July 10 8-K instead leaves shareholders with 1,514 BTC, $73.9 million cash and $45 million of debt after a second pivot in twelve months.

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