Crypto: Latest Crypto Biz: A Bitcoin Treasury Shareholder Revolt 2026
Bitcoin treasury companies face investor backlash as stablecoin issuers post strong earnings and legacy payment giants navigate mounting pressure.
After months of sliding digital asset prices, public companies that embraced Bitcoin (BTC) as a treasury strategy are facing renewed scrutiny. Activist investors are now challenging those balance-sheet bets, echoing broader concerns about the volatility and long-term viability of the corporate Bitcoin model.
Stablecoins, meanwhile, continue to anchor the market. Circle posted a stronger-than-expected fourth quarter, even as early signs of a so-called “crypto winter” began to surface.
However, not every payments player is sharing in that momentum. PayPal’s push into digital assets, including the launch of its PayPal USD stablecoin, has yet to reverse its stock decline, with reports suggesting the company is drawing takeover interest.
This week’s Crypto Biz examines the pressure building around Bitcoin treasuries, the staying power of the stablecoin business and the challenges facing legacy payment giants navigating crypto’s next phase.
A nearly 10% shareholder of Empery Digital is calling for sweeping changes, including the sale of the company’s roughly 4,000 Bitcoin holdings and the resignation of its CEO and board.
In a letter to management, investor Tice P. Brown argued that the Bitcoin-heavy treasury strategy has failed to maximize shareholder value and demanded capital be returned to investors instead.
Empery pushed back against the claims, defending its strategy. The dispute highlights the growing tension between activist investors and public companies that have adopted Bitcoin as a core balance-sheet asset.
Empery, which transitioned its legacy business into a Bitcoin treasury last year, has amassed 4,081 BTC, making it one of the top 25 largest public holders of the digital asset.
Stablecoin issuer Circle delivered a stronger-than-expected fourth quarter, even as broader crypto market conditions weakened, underscoring continued momentum in the dollar-backed stablecoin market.
Source: CoinTelegraph
