Bitcoin-Holding Public Companies Face Shareholder Pressure for Asset Sales and Capital Returns

Public companies holding Bitcoin (BTC) and Ethereum (ETH) are increasingly facing shareholder demands for asset sales and executive changes. Some firms are selling held virtual assets to repay debt, buy back shares, or pivot business strategies.

American-listed Empower Digital ($EMPD) shareholders, including Tice Brown who owns 9.8% of the company, submitted a letter to the SEC on February 23 demanding CEO Ryan Lane and the entire board resign, sell all Bitcoin holdings, and return proceeds to shareholders. As of December 31, 2025, Empower Digital held 4,081 BTC, with 2,630 locked as collateral for loans — meaning not all can be immediately sold. The company's annual report states that unsold Bitcoin has no sale restrictions but notes that actual sellable amounts may vary based on debt and collateral terms, with potential impacts from falling Bitcoin prices on loan repayments and liquidity.

UK-listed Satsuma Technology (SATS) also faced shareholder pressure. Bloomberg reported investors including Pantera Capital urged the company to sell remaining Bitcoin and return capital. Satsuma confirmed receiving capital return requests but did not name the shareholders. At a July 20 shareholder meeting, an 90.63% vote approved returning most capital and a 90.59% vote passed delisting from the London Stock Exchange. The board has prepared to sell Bitcoin and end trading activities.

GD Culture Group ($GDC) also approved selling 7,500 BTC on February 25 for share buybacks and related costs, though it is not obligated to complete a specific sale amount. Sales may occur multiple times with possible plan revisions or cancellations. FG Nexus ($FGNX), which holds Ethereum as financial assets, announced plans to exit digital asset business in July and establish a real estate division, directing management to reduce digital exposure and reallocate capital toward property acquisitions. The company did not specify how or when it will dispose of its Ethereum holdings.

Shareholders are prioritizing asset sales and share buybacks over equity increases based on potential price gains, arguing that current stock prices trade below the value of held virtual assets. Actual returns depend on debt levels, collateral terms, and additional capital-raising possibilities, with some cases ending in formal asset sales while others remain at the letter stage.