Our American regulators have now set their sights upon the treasuries of corporations that harbour cryptocurrency, as one might fix their gaze upon a fashionable scandal in a drawing-room. 💁♀️🧐
The SEC and FINRA are examining upwards of two hundred firms that keep cryptocurrency in their reserves, following peculiar turns in the stock market which have whispered of insider dealing, as the Wall Street Journal most properly relates. 😮
Pray, what consequence attends such discoveries? A touch of importance, one would suppose, though the matter is hardly of the sort to scandalise a well-ordered tea-party. 🤔
Suspicious Stock Moves
The inquiry follows upon regulators noticing sharp ascents in stock prices and unusually bustling volumes ere firms announced substantial crypto purchases. This pattern hints that some investors may have enjoyed access to confidences, a circumstance most unbecoming and perhaps a breach of the Fair Disclosure Rule (Reg FD), which frowns upon the secret sharing of market-moving tidings. 😏
No particular names have yet graced the Gazette, but officials warn that selective communication or belated updates to shareholders could justly qualify as market manipulation-a parlour trick most unbecoming to a reputable market. 🧐
The Corporate Crypto Rush
Corporate crypto treasuries are flourishing. One hundred ninety-four public companies now hold over a million BTC each, worth above $110 billion, roughly 4.6% of Bitcoin’s total supply. Mr. Michael Saylor’s Strategy leads the party with 639,835 BTC (~$70B), followed by Marathon Digital and Twenty One Capital. 😲💰
Strategy has acquired 850 BTC for ~$99.7 million at ~$117,344 per bitcoin and has achieved BTC Yield of 26.0% YTD 2025. As of 9/21/2025, we hodl 639,835 $BTC acquired for ~$47.33 billion at ~$73,971 per bitcoin. $MSTR $STRC $STRK $STRF $STRD
– Michael Saylor (@saylor) September 22, 2025
Companies are hastening to imitate Strategy’s “plan,” viewing digital assets as a hedge upon balance-sheets and hoping to replicate its gains since 2020. Yet fame in such matters is a fickle friend, bringing with it risks as well as riches. 💬🤞
Early Trading Sparks Concerns
Whispers grow of possible insider trading. SharpLink Gaming’s stock leapt five days before a $425M Ethereum treasury announcement. MEI Pharma’s shares nearly doubled four days before a Litecoin purchase disclosure. Other firms-Mill City Ventures, Kindly MD, Empery Digital-displayed similar pre-announcement tremors. 🤫
Venture capitalist Mike Dudas dubs the scene “a brewing bloodbath,” and suggests some SEC action would restore at least a portion of public faith to this curious industry. 😬
How the Treasury Flywheel Works
Corporate crypto treasuries often rely upon the mNAV mechanism – market value relative to net asset value. When mNAV runs high, companies may raise funds and purchase more crypto, thereby spinning a merry circle: higher stock price → more funding → more crypto → stronger market confidence → higher stock price. 🔄😁
MicroStrategy has employed this device with notable success, yet the mechanism remains fragile. Should mNAV slip below 1, the loop may reverse with alacrity, provoking sell-offs and eroding confidence like a dampened sunset. 🌧️
Regulators are increasing scrutiny, raising issuance thresholds, and limiting opportunities for manipulation. 🏛️
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2025-09-26 14:50