Digital Asset Market Volatility: The value of digital assets, if held or utilized by Empery Digital, can be subject to extreme fluctuations, significantly impacting financial performance and asset valuations.

Evolving Regulatory Landscape: Changes in global and local regulations concerning digital assets, blockchain, and financial technology could impose new restrictions, increase compliance costs, or alter Empery Digital's business model.

Intense Market Competition: The digital technology and digital asset sectors are highly competitive, with numerous new and established players, which could lead to pricing pressure, reduced market share, and difficulty acquiring customers for Empery Digital.