Nearly 200 publicly traded companies are under scrutiny by the US Securities and Exchange Commission (SEC) over their crypto-focused treasury strategies, which have coincided with significant spikes in their stock prices.
According to CCN, the Financial Industry Regulatory Authority (FINRA) and the SEC have launched inquiries into more than 200 firms that announced “crypto-treasury” plans in 2025.
These strategies typically involve raising capital to acquire cryptocurrencies such as Bitcoin, Ethereum, or Solana for corporate balance sheets, following in the footsteps of MicroStrategy.
The investigations focus on unusual trading patterns in the days or weeks prior to these disclosures, including sudden rises in stock prices and unusually high trading volumes.
Regulators are examining whether these movements reflect insider trading or breaches of Regulation Fair Disclosure (Reg FD), which mandates that all investors receive equal access to material non-public information.
The SEC and FINRA initiated the probes after market surveillance detected abnormal trading activity.
Disclosures from the more than 200 companies were reviewed, with a subset flagged for deeper investigation.
Many companies saw stock increases of 20–40% before announcing their crypto plans, with reports of clustered buy orders involving insiders, vendors, or brokers.
Trading volumes spiked markedly, suggesting coordinated or informed activity.
FINRA is also reviewing broker-dealer communications, including emails, chats, and calls, for potential leaks, while the SEC traces trades to possible tips.
Companies experiencing notable pre-announcement stock surges include Trump Media & Technology Group, GameStop, and SharpLink Gaming. Former SEC enforcement lawyer David Chase noted that formal letters from FINRA reminding firms of Reg FD obligations are often the first step in investigations.
Public companies pursuing corporate crypto treasuries are expected to raise more than US$100 billion this year to acquire digital assets.
One striking example is Bitmine, a Bitcoin mining firm, which revealed Ethereum treasury plans in late June; its stock price surged from US$4.67 on 27 June to US$46.58 by July 2, nearly a tenfold increase in just a week.
Similarly, firms such as Sharplink and ETHZila that began accumulating cryptocurrencies also saw substantial stock price gains.
Featured image credit: Edited by Fintech News Switzerland, based on image by ckybe via Freepik
