The Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) are examining unusual trading activity around corporate crypto-treasury announcements, the Wall Street Journal reported. Regulators have contacted some of the more than 200 companies that unveiled plans this year to buy bitcoin and other digital assets with balance-sheet funds.

This story is an excerpt from the Unchained Daily newsletter.

According to the report, officials raised concerns over sharp stock gains and heavy volumes in the days before some disclosures. SEC staff warned companies about potential violations of Regulation Fair Disclosure, which prohibits selective sharing of market-moving information.

While no enforcement actions have been announced, lawyers noted that such inquiries often mark the start of insider-trading investigations. So far in 2025, companies have raised about $102 billion for crypto-treasury strategies, following the model pioneered by Michael Saylor’s firm, Strategy.