After months of falling crypto prices, public companies holding Bitcoin are under increased scrutiny from investors and activists who question the strategy’s volatility and long-term benefits. At the same time, dollar-backed stablecoins are showing resilience, with growing demand for on-chain dollar liquidity supporting parts of the market.
Shareholder revolt at Empery Digital
A nearly 10% investor, Tice P. Brown, has urged Empery Digital to sell its Bitcoin holdings—roughly 4,081 BTC—and called for the CEO and board to step down. In a letter to management, Brown argued that Empery’s heavy allocation to Bitcoin has failed to maximize shareholder value and demanded returns of capital. Empery defended its treasury approach. The dispute highlights mounting tension between activist shareholders and public companies that transformed legacy businesses into Bitcoin treasuries; Empery’s stake places it among the top 25 public BTC holders.
Circle posts strong results, USDC expands
Stablecoin issuer Circle reported stronger-than-expected fourth-quarter results, underscoring momentum in the stablecoin market despite broader weakness in crypto. Q4 revenue reached $770 million, up 77% year-over-year, and net income was $133.4 million (about $0.43 per share), both ahead of forecasts. USDC supply climbed 72% to $75.3 billion by year-end, signaling sustained demand for dollar liquidity on-chain. For the full year, Circle reported $2.7 billion in revenue and a net loss of $70 million, largely attributable to stock-based compensation tied to its IPO; shares jumped more than 20% after the results.
Takeover chatter around PayPal
PayPal has attracted preliminary takeover interest following a prolonged slide in its stock price, with potential suitors reportedly evaluating full acquisitions or purchases of specific business units. Reports have named Stripe among parties said to be assessing options. The talks are early and no formal offers have been disclosed. The speculation comes as PayPal restructures and expands into digital assets, including launching its own stablecoin, PayPal USD, a move that has not yet reversed the company’s stock decline.
$500M stablecoin program for mortgages
Mortgage lender Better and Framework Ventures unveiled a $500 million initiative that routes stablecoin liquidity into U.S. mortgage lending. Under the arrangement, Better continues to underwrite and originate loans while funding is supplied via stablecoin-based channels, linking blockchain liquidity with traditional housing finance. The program is a notable example of tokenized real-world assets being deployed at scale amid ongoing market volatility.
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