Key Takeaways
- • Activist investor Eric Jackson is launching EMJ Crypto Technologies, a digital-asset treasury (DAT) company, as corporate crypto-holding strategies face a downturn, according to Bloomberg.
- • The DAT will be integrated into SRx Health Solutions Inc, which announced on Tuesday (December 16, 2025) it plans to acquire EMJ Crypto Technologies; Jackson is expected to serve as CEO once the deal closes early next year.
- • SRx shareholder Keystone Capital Partners has pledged up to $1bn to support the strategy, per a recent SEC filing.
- • Jackson plans a diversified crypto basket including bitcoin and ether, using in-house risk management systems and options hedging to limit drawdowns, and intends to license that technology to other DATs.
- • Bitcoin has fallen roughly 30% since its October peak, and Strategy Inc's shares are down 44% year-to-date, with its market-to-bitcoin NAV ratio falling from above 2 to 1.1.
Summary
Activist investor Eric Jackson is launching a digital-asset treasury company, EMJ Crypto Technologies, at a time when the corporate crypto-holding model is under pressure, according to a report by Bloomberg. Jackson, known for contrarian activist positions in companies including Yahoo, Carvana, Opendoor and Nextdoor, currently runs the $10m EMJ Capital Ltd in Toronto.
The new venture will hold a diversified basket of cryptocurrencies, including bitcoin and ether, with what Jackson describes as a "Gen-2" treasury approach. He said the firm will differ from existing single-asset treasuries by building risk management systems and hedging positions with options to mitigate drawdowns. "It's almost like you are running a mini hedge fund within your treasury company to make some income," he said. Jackson also intends to license some of his in-house risk management technology to other DATs, emphasising value creation beyond simply holding crypto assets.
The DAT will be integrated into SRx Health Solutions Inc, which announced on Tuesday it plans to acquire EMJ Crypto Technologies. Jackson is expected to serve as chief executive of the combined company once the deal closes early next year. According to a recent SEC filing, SRx shareholder Keystone Capital Partners has pledged up to $1bn to support the strategy.
The launch comes amid a broader market slump that has hit many corporate crypto-holding strategies. Bitcoin has fallen roughly 30% since its October peak. Strategy Inc, the pioneer of the corporate treasury model, has seen its shares decline 44% year-to-date, and its market-to-bitcoin net asset value ratio has collapsed from over 2 to 1.1.
The new venture will hold a diversified basket of cryptocurrencies, including bitcoin and ether, with what Jackson describes as a "Gen-2" treasury approach. He said the firm will differ from existing single-asset treasuries by building risk management systems and hedging positions with options to mitigate drawdowns. "It's almost like you are running a mini hedge fund within your treasury company to make some income," he said. Jackson also intends to license some of his in-house risk management technology to other DATs, emphasising value creation beyond simply holding crypto assets.
The DAT will be integrated into SRx Health Solutions Inc, which announced on Tuesday it plans to acquire EMJ Crypto Technologies. Jackson is expected to serve as chief executive of the combined company once the deal closes early next year. According to a recent SEC filing, SRx shareholder Keystone Capital Partners has pledged up to $1bn to support the strategy.
The launch comes amid a broader market slump that has hit many corporate crypto-holding strategies. Bitcoin has fallen roughly 30% since its October peak. Strategy Inc, the pioneer of the corporate treasury model, has seen its shares decline 44% year-to-date, and its market-to-bitcoin net asset value ratio has collapsed from over 2 to 1.1.
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