The United States is investigating more than 200 companies for unusual transactions prior to cryptocurrency trades.

U.S. regulators, including the SEC and FINRA, are investigating over 200 companies holding cryptocurrency in reserves due to suspected insider trading. This move comes after the detection of unusually high trading volume and stock prices rising to the sky just before the companies announced cryptocurrency purchase deals.

SEC warns companies not to violate Regulation Fair Disclosure (Reg FD), which prohibits sharing confidential information with a select group of investors. The sharp rise in stock prices before the announcement indicates the possibility that confidentiality agreements have been breached.

According to CoinGecko, there are currently 108 companies that own Bitcoin, while also expanding into Ethereum, Solana, and Litecoin. Many companies adopt a "flywheel" strategy, raising funds through debt or equity to purchase cryptocurrencies, thereby pushing up stock prices and continuing the new fundraising cycle. Any leak creates an unfair trading advantage.