Empera Digital’s main shareholder has called on the company to abandon its Bitcoin-centric strategy, sell its digital assets and return profits to investors, while demanding the resignation of its CEO and entire board of directors.
In letter On Monday, before the company’s management board, Tice P. Brown, who is the actual owner of approximately 9.8% of Empery Digital shares, accused the management board of strengthening itself at the expense of shareholders.
Brown said that on February 18, Empera Digital management approached him privately with an offer to buy back all of its shares at a price equal to 100% of the market net asset value (mNAV), which he called “a large premium to prevailing market valuations.” He rejected the proposal, saying it was intended to preserve management positions rather than return capital to shareholders.
Brown earlier criticized decisions regarding the company’s capital allocation, particularly regarding management and buyout strategies, and insisted on a complete departure from the Bitcoin (BTC) strategy.
In response to Brown’s recent letter demanding both the sale of Bitcoin and the immediate resignation of CEO Ryan Lane and the entire board, Empery Digital said the dissident investor “continues to misrepresent and distort facts to further his self-serving campaign.”
In his own statementthe company rejected Brown’s characterization of events, saying: “Mr. Brown has indicated that he is interested in having his shares repurchased by the company, but he initially requested a significant premium to NAV. The Board attempted to reach an agreement with Mr. Brown because it believed that such an agreement would be in the best interests of the Company and all of its shareholders.”
Related: Despite recent outflows, Bitcoin ETFs still see $53 billion in net inflows: Bloomberg
Empery Digital’s Bitcoin Gambit could be turned upside down
The major shareholder’s rebellion highlights growing tensions over Empery Digital’s business model, which relies on accumulating and holding Bitcoin as its main asset. Pressure to liquidate this stock could upend the strategy and change investor expectations about the company’s value.
Empery Digital, formerly known as Volcon, began as an electric sporting goods company producing electric off-road vehicles and related products. In mid-2025, the company transitioned to a Bitcoin-centric corporate treasury strategy, taking on a up-to-date direction with the goal of becoming a Bitcoin aggregator.
Since then, Empery has accumulated 4,081 BTC, making it one of the top 25 publicly traded Bitcoin holders worldwide.
Digital asset treasures have come under pressure as cryptocurrency prices tumble and stock valuations compress across the sector.
Analysts at Standard Chartered recently warned that the sustainability of many cryptocurrency companies depends on their ability to maintain premium valuations relative to their underlying Bitcoin holdings, commonly measured by market net asset value. This premium is becoming increasingly challenging to maintain in current market conditions.
Related: Crypto Investment Guide 2026: Bitcoin, Stablecoin Infrastructure, Tokenized Assets
