Cryptocurrencies have gained significant popularity, especially among Digital Asset Trading (DAT) companies. As a result of this trend, more than 193 companies now own Bitcoin [BTC] on their balance sheets.
An example is Empery Digital Inc., which began aggressively accumulating and holding BTC in 2025 as major corporations embraced crypto.
However, with BTC struggling, the company has faced a massive internal uprising, especially from shareholders concerned about market uncertainty.
Shareholder Revolt Challenges Bitcoin Strategy
In a major setback for Empery Digital Inc.a major shareholder staged a public uprising, challenging the company’s BTC-focused strategy.
Tice Brown demanded that the company sell all its BTC holdings, return the proceeds to investors, and that both the CEO and the Board of Directors resign. In his letter, Brown, who owns 9.8% of the company, accused management of enriching itself at the expense of shareholders.
Brown decried that company leadership had approached him privately and offered him a deal to buy back his shares at 100% of the company’s mNAV.
However, he refused the proposal, arguing that such steps were aimed at preserving the position of management and not at investors’ capital.
At the same time, shareholders criticized the company’s buyback program and accused it of exploiting shareholders. In response to the letter, the company accused Mr. Brown of furthering his self-interest and misrepresenting the facts.
The company argued that the attempted buyback of its shares was in the best interests of the company and its shareholders.
Want to assess Empery’s Bitcoin position?
Shareholder calls for a sell-off of Bitcoin holdings are undoubtedly significant, as Empery has a substantial BTC position.
Data from Bitcoin Treasuries shows that Empery Digital Inc. Owns 4,081 BTC, worth $265.7 million, making it the 23rd largest corporate holder of Bitcoin.
Source: Bitcoin Treasuries
With an average cost basis of $117,000, Empery’s holdings are currently down 44%. The company has also not made any purchases since September 2025.
With BTC in a strong downtrend, the company’s asset value dropped from $509 million in October to $265 million, a drop of $244 million.
Likewise, the company’s stock value has fallen 49% in the past six months. When BTC was trading above $120,000, EMPD was trading above $15.
Source: Bitcoin Treasuries
Since then, the stock price has fallen to a low of $3.2, highlighting the direct correlation between the BTC price and the company’s stock value.
Therefore, if Empery dumps its holdings as requested by a major shareholder, it will weaken the already stressed BTC. Under such circumstances, BTC will continue to fall and EMPD will fall further, putting shareholders’ positions at risk.
Final summary
- Empery Inc Shareholder called for the resignation of the company’s CEO and board of directors.
- Amid Bitcoin’s long-term downtrend, Empery shares have fallen 44%, while holdings fell by $244 million.