In the United States, market regulators have initiated an investigation into unusual stock movements observed before announcements from publicly traded cryptocurrency treasury companies (DATs). According to a report by The Wall Street Journal, the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) are conducting inquiries into such transactions.
Regulators Begin Scrutinizing Transactions
The investigation focuses on sudden price increases and high trading volumes in company shares right before cryptocurrency acquisition plans are announced. Sources indicate that regulators have reached out to several firms out of more than 200 DATs. SEC officials highlighted that under Regulation Fair Disclosure (Reg FD), selectively disclosing significant information to investors before public dissemination could violate the law. This regulation mandates equal information sharing in the market.
Regulators have warned company management to make their information-sharing processes more transparent. In this framework, they are examining whether unusual movements in the stock market have occurred prior to official announcements.
The Rise of the Crypto Treasury Trend
Investments in cryptocurrency treasuries have rapidly become widespread in recent times. Many companies have announced allocating part of their corporate assets to cryptocurrencies. According to data from The Block, DATs have attracted more than $20 billion in venture capital funding this year alone.
One of the most notable examples in this area is Strategy. The company has distinguished itself with its multi-billion dollar Bitcoin 
$82,774 purchases since 2020. Recently, Strategy acquired an additional 850 BTC, bringing its total holdings to 639,835 BTC. Led by Michael Saylor, the company remains the largest publicly traded corporate holder of Bitcoin.
