Overview

• Market surveillance identified sharp stock gains and heavy trading in the days before some digital‑asset treasury disclosures, prompting outreach to a subset of companies.
• FINRA has sent letters to certain firms that a former SEC enforcement lawyer described as an initial step in tracing trades and communications tied to possible leaks.
• The review draws on disclosures from more than 200 public companies that announced crypto‑treasury plans in 2025, with only a portion flagged for deeper examination.
• Regulators are focusing on potential Reg FD and insider‑trading violations and are collecting emails, chats, call logs, device data, and broker‑dealer records to map information flows.
• Reports cite pre‑announcement stock surges at Trump Media, GameStop, and SharpLink Gaming, while officials have not named targets, alleged wrongdoing, or filed cases.