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Empery Digital (NASDAQ: EMPD) has used the money from the sale of 60 BTC from its treasury to buy back its common stock. The sale comes as other major players like Michael Saylor’s Strategy and ProCap Financial, led by Anthony Pompliano, took advantage of the current market volatility to expand their holdings.
The sale generated approximately $4 million in gross proceeds, which management immediately deployed to fund its $200 million share repurchase program and bolster its cash reserves.
Empery Digital’s buyback strategy
Empery Digital Inc. has officially begun selling portions of its Bitcoin treasury to support its stock price. The company announced that it sold 60 BTC during the final week of February at an average price of $66,583 per coin for about $4 million.
Empery Digital was originally an electric vehicle manufacturer known as Volcon Inc. before it became a Bitcoin treasury firm in mid-2025. Cryptopolitan recently reported that Empery Digital is nursing an unrealized loss of more than 41% after the company purchased Bitcoin at $117,607 per coin, then watched it decline to nearly half that value.
Due to Bitcoin’s steep decline, Empery Digital’s stock is trading at a massive discount to its Net Asset Value (NAV). As of the latest filings, the stock’s basic mNAV (market Net Asset Value) sits at 0.590, nearly 40% less than its actual worth on the open market.
The company’s management has repurchased over 18.6 million shares of its common stock at an average price of $6.21 in order to fix the gap between its NAV and mNAV. Now, Empery Digital has roughly 32.7 million shares outstanding.
Investors push for a leadership change at Empery Digital
Brown, who holds approximately 10.3% of Empery Digital, has been vocal about his dissatisfaction with the company’s current CEO, Ryan Lane, and the board of directors. Brown has characterized the company’s Bitcoin strategy as a failure that has destroyed hundreds of millions of dollars in shareholder wealth.
Critics argue that the company’s current buyback strategy is an attempt to appease the group of activist investors that are pushing for a leadership change.
In late February, ATG Capital nominated nine new director candidates to replace the current board at the upcoming 2026 annual meeting. The activists allege that the board is entrenched and has implemented “poison pill” measures to prevent shareholders from exerting control.
One of the most serious allegations involves claims that Empery employees have been day-trading hundreds of millions of dollars in Bitcoin derivatives.
Brown also previously claimed he was dragged out of a meeting by security at the company’s Rockefeller Center office in January after he demanded that the company liquidate its Bitcoin holdings immediately.
Empery Digital’s management, however, claims that Brown refused to leave after a failed negotiation in which he allegedly demanded the company buy back his shares at a price significantly higher than the market price.
The activists argue that the only way to save the company is to sell the remaining 3,664 BTC and return the capital to the stockholders before more value is lost.
However, other major players in the digital asset space are not as panicky as the Empery investors.
ProCap Financial, led by Anthony Pompliano, announced today that it had acquired an additional 450 BTC while also pursuing its own share repurchase program.
Strategy also splurged over $200 million on its latest Bitcoin purchase earlier today, taking advantage of lower prices to bring the cost basis of its 720,737 BTC reserve down to under $76,000.
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