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4d ago

SEC, FINRA Open Early Inquiries Into Unusual Trading Before Corporate Crypto-Treasury Announcements

Regulators are testing for possible Reg FD breaches by tracing clustered orders, broker communications, and options activity.

American flags are displayed on screens on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., September 22, 2025. REUTERS/Jeenah Moon/File Photo
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Overview

  • The agencies have contacted a subset of more than 200 companies that disclosed digital-asset treasury plans in 2025, with FINRA sending formal letters to dozens.
  • Reviews focus on sharp stock gains and heavy volumes in the days before announcements, with cited examples including Trump Media, GameStop, and MEI Pharma.
  • Officials are examining whether selective disclosure or insider trading occurred, including potential leaks from investor briefings conducted under NDAs.
  • Investigations are preliminary and no public enforcement actions or penalties have been announced.
  • The scrutiny follows a rapid corporate shift into crypto treasuries, with reported fundraising targets ranging from over $20 billion to roughly $100 billion this year.