Catenaa, Monday, September 29, 2025- US regulators are investigating suspicious trading activity that occurred ahead of corporate announcements about cryptocurrency treasury purchases, the Wall Street Journal reported Thursday.
The Securities and Exchange Commission and the Financial Industry Regulatory Authority have reached out to some of the more than 200 digital asset treasury companies that have announced crypto acquisition plans, according to the report.
The inquiries are focused on unusual patterns such as surging volumes and sharp price gains before public disclosures.
SEC officials have warned firms that such trading could raise concerns under Regulation Fair Disclosure.
The rule requires companies to disseminate material information broadly rather than selectively to analysts, investors, or market participants who might trade ahead of announcements.
The scrutiny comes amid a rising trend of companies adding cryptocurrencies to their corporate treasuries.
The model has been shaped in part by Strategy, the business intelligence firm that began large-scale bitcoin purchases in 2020 and has since influenced other firms to follow.
Strategy remains the largest corporate holder of bitcoin, with 639,835 tokens valued at tens of billions of dollars.
On Monday, the company disclosed a purchase of 850 additional bitcoins worth nearly $100 million.
Industry data show that digital asset treasury firms have secured more than $20 billion in venture capital investment this year. Regulators’ probes now place a spotlight on whether trading activity around these announcements has breached US securities laws.
