This year, 184 public companies have collectively invested nearly $132 billion in cryptocurrencies, according to a report. Notable transactions include SharpLink's $425 million Ethereum purchase, which saw its stock price double from $3 to $6 within three days of the announcement on May 27. Similarly, Mill City Ventures, now SUI Group Holdings, announced a $450 million Sui purchase, leading to a threefold increase in its stock price two days prior. MEI Pharma experienced similar stock movements.
Texas A&M University professor Peter Cziraki suggests these patterns may indicate insider trading during mergers and acquisitions. In response to potential information leaks, some companies, such as CEA Industries, have implemented new measures to disclose stock codes to investors only after market close, aiming to reduce the risk of premature information leaks.
184 Public Companies Invest $132 Billion in Crypto Amid Insider Trading Concerns
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