【(Fortune): SharpLink and other cryptocurrency treasury companies suspected of insider trading】On August 28, news from (Fortune) reported that since the beginning of this year, 184 publicly listed companies have announced purchases of cryptocurrencies totaling nearly $132 billion. However, research has found that some small publicly listed companies exhibited suspicious stock price fluctuations before announcing cryptocurrency reserve plans. The report pointed out that SharpLink's stock price rose from $3 to $6 in the three trading days before announcing a plan to purchase $425 million worth of Ethereum, without any significant information disclosure (no filings submitted to the SEC or press releases). Additionally, five other companies experienced unusual stock price fluctuations before their cryptocurrency purchases—MEI Pharma, Kindly MD, Empery Digital, Fundamental Global, and 180 Life Sciences Corp. Peter Cziraki, a finance professor at Texas A&M University, stated that this pattern is similar to insider trading situations in traditional mergers and acquisitions. To address the risk of information leakage, some companies, such as CEA Industries, have taken new measures to disclose stock codes to investors only after market close, to reduce the likelihood of premature information leaks.

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