SEC and FINRA investigate companies’ transactions with crypto reserves

Regulators are investigating whether companies selectively disclosed plans to create crypto reserves to investors

SEC and FINRA interested in stock trading prior to cryptocurrency purchases

26.09.2025 - 09:35

273

2 min

Key points:

The SEC and FINRA approached companies after their stock prices rose ahead of announcements about cryptocurrency purchases.
The investigation is related to a possible violation of Regulation Fair Disclosure, which prohibits selective leaks.
According to the WSJ, more than 200 companies have adopted a crypto treasury strategy, with total investments exceeding $100 billion.

US regulators have taken an interest in stock market activity preceding companies’ announcements of cryptocurrency purchases. The SEC and FINRA have sent inquiries to several issuers whose shares rose sharply prior to public announcements of crypto treasury strategies.

What regulators are checking

According to the WSJ, this concerns potential violations of Regulation Fair Disclosure (Reg FD). This regulation prohibits companies from selectively sharing important information with investors that could affect the price of shares. FINRA has already sent letters, which usually signify the start of an investigation into possible insider trading.

Former SEC attorney David Chase explained that this could be the first stage of a broader analysis of the actions of companies and investors. However, it is not yet known whether the investigations involve specific individuals.

The crypto treasury boom

The trend toward corporate crypto reserves was started by MicroStrategy, which made bitcoin part of its strategy in 2020. Following suit, 212 companies in the US announced plans to raise funds through the issuance of shares or bonds and use them to purchase cryptocurrency.

According to Architect Partners, the total amount of planned investments exceeded $100 billion.

Many firms are holding closed consultations with investors under NDAs. In a number of cases, the data leaked ahead of schedule, causing stock prices to rise even before the official announcement.

Author: