The U.S. SEC has begun taking action against crypto treasury companies. Will the DAT narrative continue?
On September 24, the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (Finra) jointly announced an investigation into over 200 listed companies that had previously announced cryptocurrency treasury plans, citing ‘abnormal stock price fluctuations’ commonly observed prior to their announcements.
Since MicroStrategy pioneered the inclusion of Bitcoin on its balance sheet, ‘Crypto Treasury’ has become a sensational ‘financial alchemy’ in the U.S. stock market—newcomers such as Bitmine and SharpLink Gaming have seen their share prices surge by multiples due to similar actions. According to data released by Architect Partners, since 2025, 212 new companies have announced plans to raise…
