After months of declining crypto prices, public companies that put Bitcoin (BTC) on their balance sheets face renewed scrutiny from investors and activists questioning the strategy’s volatility and long-term value. At the same time, dollar-backed stablecoins are showing resilience, with strong demand for on-chain liquidity underpinning parts of the market.
Empery Digital shareholder revolt
A nearly 10% investor in Empery Digital has demanded major changes, calling for the sale of the company’s roughly 4,000 BTC holdings and the resignation of its CEO and board. In a letter to management, Tice P. Brown argued Empery’s Bitcoin-heavy treasury approach has not maximized shareholder value and urged returns of capital. Empery defended its strategy. The dispute underscores rising tension between activist shareholders and public firms that converted legacy businesses into Bitcoin treasuries; Empery holds about 4,081 BTC, placing it among the top 25 public holders.
Circle’s earnings and USDC expansion
Stablecoin issuer Circle reported stronger-than-expected fourth-quarter results, highlighting continued momentum in the stablecoin market even as broader crypto conditions softened. Q4 revenue was $770 million, up 77% year-over-year, and net income was $133.4 million (43 cents per share), both beating expectations. USDC supply grew 72% to $75.3 billion by year-end, signaling sustained demand for dollar liquidity onchain. For the full year, Circle posted $2.7 billion in revenue and a net loss of $70 million—largely due to stock-based compensation tied to its IPO. Shares jumped more than 20% after the release.
PayPal takeover interest after stock slide
PayPal has drawn preliminary takeover interest following a prolonged drop in its share price, with suitors reportedly evaluating full acquisitions or targeted buys of business units. Reports name Stripe among potential interested parties. The discussions are at an early stage and no offers have been made public. The news comes as PayPal restructures and pushes further into digital assets, including launching its own stablecoin, PayPal USD, though that effort has yet to reverse the company’s stock decline.
$500M stablecoin mortgage initiative
Mortgage lender Better and Framework Ventures announced a $500 million program channeling stablecoin liquidity into U.S. mortgage lending. Under the arrangement, Better continues underwriting and issuing loans while funding is sourced via stablecoin-based channels, bridging blockchain liquidity with traditional housing finance. The deal represents a notable instance of tokenized real-world assets being deployed at scale, even amid overall market volatility.
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