Bitcoin treasury firm Empery Digital has invested $20 million in powered data center developer Cardinal Data Power (CDP).. The investment gives Nasdaq-listed Empery an approximately eight percent stake in CDP and forms part of a $70 million Series A funding round led by Hood River Capital Management..
The transaction was signed and completed on July 20, according to an SEC filing.. CDP said the funding will support its inaugural data center campus in West Texas, where it has entered into a letter of intent covering a 750MW first phase.. The proposed campus has access to more than 3,500 acres and is expected to deliver its first power in 2027.
CDP said the site could reach approximately 1GW of gross capacity in 2029 and support expansion beyond 5GW over time.. The company said it has reserved reciprocating engine generation capacity and services from an unnamed equipment manufacturer through an agreement with an independent power producer..
“Cardinal Data Power is uniquely positioned to bring generation, transmission, and management of power solutions to the insatiable energy demands of the AI infrastructure build-out,” said Ryan Lane, co-CEO of Empery Digital.. “This investment reflects the continued strength of our partnership with Hunt Properties and the differentiated investment opportunities this relationship is generating for Empery Digital shareholders,” Lane added..
Headquartered in Dallas, CDP develops behind-the-meter data center campuses for AI and high-performance computing customers. The company said its development model combines on-site generation equipment, natural gas supplies, pipeline capacity, electrical infrastructure, and large land holdings..
CDP was established by the Lyda Hunt Allred and Barbara Crow Hunt families and their respective family offices, Cavallo Holdings and Stratford Bridge Holdings. The Hunt Properties-affiliated developer said it is also working on other large-scale projects across West Texas and West Virginia..
The deal follows Empery’s $65m investment announced in June for a 25 percent interest in a private entity managed by Hunt Properties. That entity is seeking to acquire a 150MW power-intensive industrial facility in the US Midwest and convert it into an AI data center. The property could reportedly expand to around 300MW..
A Hunt affiliate has signed a non-binding letter of intent for a triple-net lease with an unnamed compute provider. Empery said the proposed agreement could generate up to $1 billion in lease payments, with the potential to increase if the site’s capacity is expanded.. The earlier investment is expected to close during the third quarter of 2026, subject to customary closing conditions..
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