Shareholder revolt targets crypto hoarders after $50B crash

Public companies that loaded up on Bitcoin through repeated equity raises are facing a coordinated wave of investor activism after aggregate market-cap losses among treasury-focused firms reached an estimated $50 billion to $77 billion since their mid-2025 peaks. Many of these stocks now trade below the net asset value of the crypto sitting on their balance sheets. The revolts are getting personal At Empery Digital, a shareholder holding a 9.8% stake has called for the complete liquidation of the company’s 4,081 BTC treasury. The demand came after Empery’s stock cratered nearly 49%, leaving investors staring at mounting unrealized losses. The shareholder isn’t just asking for a strategy pivot. They want executive resignations and capital returned to investors directly. Satsuma Technology, which has seen its share price decline a staggering 99% from its 2025 peak, is facing pressure from investors including Pantera Capital to sell its remaining $50 million in BTC holdings. Japanese firm Metaplanet took preemptive action in September 2026, slashing its executive stock acquisition rights by 41%. The cut reduced the pool from approximately 319.5 million shares to around 188 million, wi...