US regulators are investigating sharp swings in stock prices before companies revealed plans to raise funds for crypto treasury purchases, the Wall Street Journal reported on Thursday.
The Securities and Exchange Commission and the Financial Industry Regulatory Authority have contacted some of the more than 200 firms that announced crypto treasury strategies this year, sources told the Journal.
Since then, more than 60 companies, from software and gaming to biotech and energy, have unveiled plans to put portions of their balance sheets into crypto. Together, they have targeted over $20b in fundraising through stock offerings, convertible debt and private placements. The aim has been to hedge against inflation, attract younger investors and mirror the outsized gains seen by early movers.
The trend accelerated in early 2025 after a Trump administration executive order established a national strategic Bitcoin reserve.
