Bitcoin-Heavy Firms Face Shareholder Revolt Over $50B in Treasuries

Publicly traded companies that heavily invested in Bitcoin through repeated equity raises are facing a shareholder revolt after their treasuries lost an estimated $50 billion to $77 billion since mid-2025 peaks. Many of these firms now trade below the net asset value of their crypto holdings, with investors questioning management's competence and judgment.

The revolts are getting personal, with Empery Digital shareholder demanding executive resignations and a complete liquidation of the company's 4,081 BTC treasury. This is after Empery's stock cratered nearly 49%, leaving investors staring at mounting unrealized losses. The shareholder wants capital returned to investors directly.

Firms like Satsuma Technology and Metaplanet are facing pressure from investors including Pantera Capital to sell their remaining Bitcoin holdings. Satsuma Technology has seen its share price decline a staggering 99% from its 2025 peak, while Metaplanet took preemptive action in September 2026 by slashing executive stock acquisition rights by 41%. This reduced the pool from approximately 319.5 million shares to around 188 million, wiping out over $220 million in potential executive value.

Firms like GD Culture and FG Nexus have already begun selling portions of their digital holdings to fund share buyback programs, a direct reversal from the same management teams that argued Bitcoin was a superior treasury asset. The fact that many of these companies now trade below the net asset value of their crypto holdings reflects how the market prices management risk.