Major investor pushes Empery Digital to liquidate Bitcoin holdings exceeding 4,000 BTC, oust leadership
An influential Empery Digital stakeholder is pushing for the liquidation of the company's 4,081 BTC position and the removal of senior leadership, intensifying conflicts surrounding the firm's Bitcoin treasury approach.
An influential stakeholder in Empery Digital is pushing the firm to walk away from its Bitcoin-focused business model, liquidate its cryptocurrency assets and distribute the capital back to shareholders, while simultaneously demanding that the CEO and all board members step down from their positions.
In correspondence sent to the company's board of directors on Monday, Tice P. Brown, who holds beneficial ownership of approximately 9.8% of Empery Digital's shares outstanding, leveled accusations against management of protecting their own positions at the cost of shareholder value.
According to Brown, Empery Digital's executive team reached out to him privately on Feb. 18 with a proposal to buy back his entire shareholding at a price equivalent to 100% of their market net asset value (mNAV), which he characterized as "a large premium to prevailing market valuations." He rejected the offer, asserting it was crafted to protect management's roles instead of distributing capital back to shareholders.
Brown has a history of expressing dissatisfaction with the company's capital deployment choices, especially regarding its governance structure and share repurchase approach, and has advocated for a wholesale abandonment of its Bitcoin (BTC) business model.
Following Brown's most recent correspondence demanding both the divestiture of Bitcoin assets and the prompt resignation of CEO Ryan Lane along with all board members, Empery Digital responded by stating the activist investor "continues to misrepresent and distort the facts to further his self-serving campaign."
In its public response, the company refuted Brown's version of events, stating: "Mr. Brown intimated his interest in having his shares repurchased by the company but initially demanded a significant premium to NAV. Management attempted to reach an agreement with Mr. Brown as it believed such an agreement would be in the best interests of the Company and all its shareholders."
Empery Digital's Bitcoin gambit could be upended
The uprising from a significant shareholder underscores growing friction surrounding Empery Digital's operational model, which centers on acquiring and maintaining Bitcoin as its core asset. A successful campaign to sell off that treasury could completely overturn the company's strategic direction and fundamentally alter how investors perceive the firm's worth.
Empery Digital, which previously operated under the name Volcon, originated as an electric power sporting goods manufacturer producing electric off-road vehicles and associated products. The company transitioned to a Bitcoin-focused corporate treasury model in mid-2025, embracing the new strategic direction with the declared objective of establishing itself as a Bitcoin aggregator.
Following that transition, Empery has amassed 4,081 BTC, positioning it among the top 25 publicly traded Bitcoin holders worldwide.
Digital asset treasury companies have faced increasing scrutiny as cryptocurrency valuations have declined and equity prices throughout the sector have contracted.
Research analysts at Standard Chartered recently issued a warning that the long-term viability of numerous crypto treasury firms depends on their capacity to preserve a premium valuation in relation to their base Bitcoin positions, typically evaluated through market net asset value. Maintaining that premium has grown progressively more challenging given the current market environment.