In the Press
September 25, 2025

Unusual Trading Ahead of Crypto-Treasury Deals Draws Scrutiny from U.S. Regulators (The Wall Street Journal)

Professionals
Financial regulators have examined unusual trading patterns in the shares of companies that sought to make buying cryptocurrencies their core corporate strategy, people familiar with the matter said. The Securities and Exchange Commission and the Financial Industry Regulatory Authority have reached out to some of the more than 200 companies that announced this year that they would adopt a crypto-treasury strategy, the people said. Some lawyers who have worked on crypto-treasury deals say information leaks can not only arouse insider trading suspicions but also actually be harmful for pricing transactions. "If the stock price is highly volatile in the days leading up to pricing a transaction, that could actually make it very difficult to agree on a price for the transaction and put it at risk of execution," said Justin Platt, a partner at Goodwin. Read the Wall Street Journal article for more.