Nasdaq-listed Bitcoin treasury firm Empery Digital has officially responded to a liquidation proposal from a major shareholder, confirming its commitment to its digital asset strategy. Despite pressure to sell its BTC holdings and return capital to investors, the company’s management stated they will not divest their cryptocurrency assets, reaffirming their position as a long-term holder within the blockchain ecosystem.
Conflict Over Corporate Strategy and Asset Valuation
The dispute arose following a formal request from ATG Capital and shareholder Tice P. Brown, who advocated for the total liquidation of the company's Bitcoin treasury. The proponents of the sale argued that because Empery Digital’s stock price has consistently traded below its Net Asset Value (NAV), the most effective way to unlock value would be to convert the digital assets into cash for distribution. However, Empery Digital’s board maintains that its current trajectory aligns with the interests of long-term stakeholders.
The company highlighted several key points in its official rebuttal:
- Management has consistently executed share buyback programs to address the valuation gap.
- The company alleges that Tice P. Brown has engaged in malicious personal attacks against executives.
- According to the statement, ATG Capital failed to initiate direct communication with directors before making public demands.
Governance and Treasury Management Standards
The standoff highlights the growing tension between traditional activist investors and Bitcoin treasury companies that prioritize digital asset accumulation over short-term liquidity. Empery Digital clarified that its management remains focused on fiduciary duties while navigating the volatility of the crypto market. The company’s refusal to sell reflects a broader trend among institutional BTC holders who view the asset as a strategic reserve rather than a speculative trading instrument.
"The company's stock price has consistently been below NAV, but management has always implemented share buyback plans with shareholders' interests in mind", the official statement noted, dismissing the necessity of a total asset liquidation.
As of March 3, 2026, Empery Digital continues to hold its position, signaling that it will not be swayed by internal pressure to exit the Bitcoin market. The firm’s leadership has indicated that they will continue to monitor market conditions while protecting the company's core investment thesis against what they characterize as unfounded external interference.
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