A major Emery Digital shareholder has called on the company to abandon its Bitcoin-centric strategy, sell its digital asset holdings and return profits to investors, while demanding the resignation of the CEO and the entire board of directors.
In a letter At the company’s board meeting Monday, Tice P. Brown, beneficial owner of about 9.8 percent of Emery Digital’s outstanding shares, accused management of retrenching at the expense of shareholders.
Brown said Emery Digital management approached him privately on Feb. 18 to offer to repurchase all of his shares at a price equal to 100% of their value. market net asset value (mNAV), which he called a “significant premium to current market valuations.” He declined the proposal, saying it was aimed at preserving management’s positions rather than returning capital to shareholders.
Previously brown critical the company’s capital allocation decisions, particularly its governance and buyback strategy, and urged a complete abandonment of its 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 of directors, Empery Digital said the dissident investor “continues to twist and misrepresent the facts to further his self-serving campaign.”
In his statementThe company pushed back on Brown’s description of events, saying: “Mr. Brown indicated an interest in having his shares repurchased by the Company, but first demanded a significant premium over net asset value. Management attempted to reach an agreement with Mr. Brown because it believed such an agreement would be in the best interests of the Company and all of its shareholders.”
Related: Bitcoin ETFs Still Enjoy $53 Billion in Net Inflows Despite Recent Outflows: Bloomberg
Emery Digital’s Bitcoin bet could be shaken up
The revolt by a major shareholder highlights growing tensions around Emery Digital’s business model, which relies on the accumulation and holding of Bitcoin as its primary asset. An attempt to liquidate this reserve could upend the strategy and reshape investors’ expectations of 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. It pivoted to a Bitcoin-centric corporate treasury strategy in mid-2025, adopting the new direction with the stated goal of becoming a Bitcoin aggregator.
Since then, Empery has accumulated 4,081 BTC, making him one of the top 25 publicly traded Bitcoin holders in the world.
Digital asset treasuries have come under pressure as cryptocurrency prices have retreated and sector stock valuations have compressed.
Standard Chartered analysts recently warned that the sustainability of many crypto cash companies depends on their ability to maintain a premium valuation relative to their underlying Bitcoin holdings, typically measured by market net asset value. This premium has become increasingly difficult to maintain in current market conditions.
Related: The Crypto Investing Handbook for 2026: Bitcoin, stablecoin infrastructure, tokenized assets
