A major shareholder of Empery Digital Inc. has publicly demanded the immediate sale of the company’s Bitcoin holdings and the resignation of its CEO and board. The shareholder, Tice Brown, who owns 9.8% of the company, accuses management of self-enrichment as the firm’s substantial BTC position has lost significant value. This internal revolt highlights the pressure on corporate Bitcoin strategies amid a prolonged market downturn.
A significant shareholder revolt is challenging the Bitcoin-focused strategy at Empery Digital Inc.. In a public letter, shareholder Tice Brown demanded the firm sell all its BTC, return proceeds to investors, and that the CEO and Board resign.
Brown, who owns 9.8% of Empery Digital Inc., accused management of enriching themselves at shareholders’ expense. He specifically criticized a private offer from leadership to buy back his shares at 100% of the firm’s mNAV, which he refused.
“Such moves aimed to preserve management’s position rather than investors’ capital,” Brown argued. The company responded by accusing Brown of furthering his own self-interest and misrepresenting facts.
Empery Digital Inc. holds a substantial position of 4,081 BTC, currently valued at approximately $265.7 million. Data from Bitcoin Treasuries shows this makes it the 23rd-largest corporate Bitcoin holder.
The company’s average cost basis for its Bitcoin is $117,000, meaning its holdings are currently down 44%. The value of these assets has dropped by $244 million since October 2025.
The company’s stock value has plummeted 49% over the past six months, closely tracking Bitcoin’s price decline. If Empery were to sell its holdings as requested, it could further pressure the already declining BTC market.
