Overview

• Preliminary outreach to a subset of companies followed a review of more than 200 firms that announced crypto-treasury strategies in 2025.
• Investigators flagged steep stock gains and heavy volume in the days before some public disclosures of planned digital-asset purchases.
• Letters and data requests focus on possible selective disclosure and insider trading involving material nonpublic information.
• Authorities are collecting trading records and internal communications such as emails, messaging-platform logs, texts, calendars, and device data to trace potential leaks.
• No penalties or formal enforcement actions have been announced as the inquiries remain early stage, with more than $100 billion in planned corporate crypto buys heightening scrutiny.