Tice P. Brown, a 9% shareholder of Empery Digital Inc., sent a letter to the company's board of directors urging CEO Ryan Lane to resign immediately, replace board members, and sell all his Bitcoin holdings. Brown stated that Empery Digital Inc. management privately offered to repurchase all of his shares at a price equivalent to 100% mNAV (market net asset value), representing a significant premium over the current market valuation, on the condition that he personally sign a standstill agreement. Management made this offer via telephone to the repurchase broker on February 18th and confirmed it in writing on February 23rd. Brown has rejected the offer. Tice P. Brown stated: “This proposal is particularly offensive when minority shareholders are clearly eager to recoup their investment. For months, shareholders have been selling shares at a huge discount to the company’s buyback program, far below their immediate liquidation value. Management has made it clear time and again that they will take any action that places themselves between the shareholders and our capital, continuing to extract compensation and expenses from us. I reiterate my call for the immediate resignation of CEO Ryan Lane, the immediate replacement of the entire board of directors of Empire Digital Inc., and the immediate sale of all Bitcoin, with the proceeds immediately returned to the shareholders.” As of February 2026, Empire Digital held 4,081 BTC, typically ranking among the top 25 publicly traded Bitcoin treasury companies.