[Digital Today reporter Yoonseo Lee (이윤서)] Bitcoin treasury firm Imperi Digital sold 1,635 bitcoin for $102.2 million from July 1 to Aug. 6, local time, reducing its total holdings to 1,279 BTC.

CryptoSlate, a blockchain media outlet, reported on Aug. 9 that 954 BTC of that total is restricted as collateral for $35 million of debt, leaving just 325 BTC that can be freely used.

The sale extends efforts to meet cash needs that have continued since the first half. Imperi Digital also sold 1,167 BTC for $80.1 million in the first half of this year. Over the same period, it executed $54 million in share buybacks, repaid $50 million under a repurchase agreement loan facility, and also paid back $10 million under a separate master loan agreement. The company said it used proceeds from share issuance and bitcoin sales to repay the repurchase agreement loan, but it did not break down how much funding was used where.

The problem is that the remaining bitcoin is also largely tied up in a collateral structure. Revised loan terms require maintaining a 174 percent collateral value ratio. If the ratio falls below 153 percent, additional collateral is required, and liquidation is possible if it drops below 143 percent and is not remedied within 12 hours.

Imperi Digital transferred 576 BTC to lenders on Feb. 4 and 186 BTC on June 3. According to the company's disclosures, these were transfers to bolster collateral rather than forced liquidation. After that, it repaid an additional $20 million after June 30, easing pressure somewhat. The lender returned 585 BTC, and the amount locked as collateral fell to 954 BTC from 1,539 BTC. Debt also declined to $35 million from $55 million.

The funding burden is not over yet. Imperi Digital could face an additional $62.1 million burden if its acquisition of data centre real estate is completed. The company has already contributed $2.9 million to EMHU, a separate real estate entity managed by TexStack. The obligation to make additional contributions arises only when the acquisition is actually completed, but TexStack controls the deal-closing process and can make a mandatory pro rata capital call backed by Imperi Digital's guarantee.

Separately, Imperi Digital also completed a $20 million investment in Cardinal Data Power. The investment secured about an 8 percent stake, but no additional funding obligation directly linked to the investment was disclosed.

Financial capacity is not ample. Imperi Digital held $3.7 million in cash as of June 30, including restricted cash, and had a working capital deficit of $5.7 million. Management said a combination of cash, operations, derivatives gains, borrowing and potential bitcoin sales would allow it to cover planned operations, debt repayment and conditional real estate contributions for more than a year. The company presented bitcoin sales as one of several funding options, but if collateral pressure rises again or the property acquisition is completed, the liquidity buffer of the remaining 325 BTC could shrink quickly.

Ultimately, the disclosure shows how easily a financial strategy that positions bitcoin as a long-term holding can be shaken by debt, a collateral structure and new investment commitments. Imperi Digital has reduced some pressure through repayments, but with usable bitcoin now sharply reduced, future cash deployment and collateral management are expected to be key variables.