On August 28th, according to Fortune, 184 listed companies have announced the purchase of cryptocurrencies worth nearly 132 billion US dollars this year. However, the study found that some small listed companies had suspicious stock price movements before announcing cryptocurrency reserve plans.
According to the report, SharpLink's share price rose from $3 to $6 in the first three trading days after it announced plans to buy $425 million worth of Ethereum without any major disclosures (without filing with the SEC or issuing a press release). Five other companies experienced abnormal share price fluctuations before the cryptocurrency purchase - MEI Pharma, Kindly MD, Empery Digital, Fundamental Global, and 180 Life Sciences Corp.
Peter Cziraki, a finance professor at Texas A & M University, said the pattern was similar to insider trading in traditional M & A transactions. To counter the risk of information leakage, some companies such as CEA Industries have taken new measures to disclose their stock symbols to investors after the market closes, in order to reduce the possibility of early disclosure.
Fortune: Crypto treasury companies such as SharpLink are suspected of insider trading
2025-08-28 11:21:38
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