Overview

• Market watchdogs reviewed disclosures from more than 200 companies that adopted digital asset treasury strategies this year and flagged a subset for deeper inquiry.
• FINRA has sent letters to some firms in what former SEC lawyers describe as an initial step that can precede formal insider‑trading investigations.
• Authorities are focusing on sharp price gains and heavy volumes recorded before public announcements, with attention on possible leaks from confidential briefings.
• Investigators are tracing communications and trades across emails, chats, calls, calendars, and device records to link suspicious activity to potential tippers.
• No penalties or enforcement actions have been announced, as inquiries proceed alongside a surge in corporate crypto‑treasury plans estimated in the tens of billions of dollars.