Unusual Trading : Crypto Treasury Stock Moves Draw US Regulator Scrutiny

The Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) have raised concerns about unusual trading volumes and stock price volatility in the shares of over 200 companies associated with crypto treasury strategies. They have warned the companies about possible insider trading and violations of the Regulation Fair Disclosure (Reg FD) and have issued inquiry letters.

Regulators observe that the stock prices often surge a week ahead of the announcements of the crypto allocation strategy, indicating insider leaks or investor tipping, forcing them to begin the inquiry. While various crypto market observers consider this a scrutiny by regulators, others see this as a mandatory step to maintain trust among stakeholders. 

The crypto strategy wave, fueled by the establishment of the Strategic Bitcoin Reserve and the United States Digital Asset Stockpile by the Trump Administration, has resulted in the allocation of $20 billion of crypto into the balance sheets of companies. The purchases by firms in various fields, from tech to biotech, have enhanced the visibility of cryptocurrencies despite the regulatory allegations.

Bitcoin Treasury Strategy Soars, 70 to 200 Companies Within Months

According to the data by Bitcoin Treasuries, around 200 companies now hold Bitcoin, which was just 70 at the end of 2024. Among these, various low-cap firms and high-profile companies exhibited high volatility in their stocks this year, including Trump Media and Technology Group, GameStop, and MEI Pharma.

Metaplanet (MTPLF), a Japanese hotel management firm that transformed into a Bitcoin holding company, witnessed a 27% uptrend last month while Kindly MD (NAKA), a healthcare data provider, surged 87%. Ethereum treasuries also exhibited high volatility in recent months. SharpLink Gaming, which transformed into an ETH treasury from sports betting and iGaming, witnessed an incredible 433% spike within a day recently.

Many of these companies imitate Michael Saylor’s Strategy, which started its Bitcoin accumulation in 2020. According to Saylor, the arrival of institutional money will increase the stability of BTC, but the reduced volatility will make it a “boring” store of value. “It’s like they had this big high and now the adrenaline is wearing off and they’re a little bearish,” he stated in the Coin Stories podcast by Natalie Brunell.

Gus Galá, analyst at Monness, Crespi, Hardt & Co., doubts whether the Bitcoin treasury stocks will last. “At a certain point, there are too many strategies pursuing the same promised land and a finite amount of investor demand for similar exposures,” he expressed in an email. 

List of Top 10 Bitcoin Treasury Companies by Holdings

Nine out of the top 10 Bitcoin public treasury companies are based in the U.S., according to the data as of 26th September 2025. The list that includes the holdings by each company is provided below.

Crypto Market Today: Bearish & Technically Weak

• Fear & Greed Index – Fear (32)
• MACD – Bearish
• Treasury Supply – 1.0M / 21.0M
• Bitcoin Dominance – 58.2%
• Ether Dominance – 12.7%
• Crypto ETFs Net Flow – -$50.20 million
• Altcoin Season – 72/100

The profit-taking frenzy, the regulatory issues, and the overall technical weakness force the crypto market to continue its bearish phase. The market is 2.4% down today, reducing the capitalization to $3.74 trillion. BTC is -2.08% down, ETH -1.94%, BNB -5.48%, SOL -4.8%, and XRP -3.71% down.