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Several companies, including MEI Pharma, experienced a significant stock price increase prior to announcing their crypto treasury, raising suspicions of insider trading.
BlockBeats News, August 28th, according to Fortune magazine, cancer drug developer MEI Pharma announced the initiation of a $100 million crypto treasury strategy in mid-July this year. A few days before the announcement, MEI Pharma's stock price nearly doubled, despite no significant updates filed with the U.S. Securities and Exchange Commission, no press releases issued, and minimal discussion on social media. MEI Pharma was not the only company whose stock price saw unusual surges before announcing a cryptocurrency buying strategy. Fortune magazine found similar patterns in other small publicly traded companies, indicating that insiders had early knowledge of some announcements.
A spokesperson for MEI Pharma declined to comment. Spokespersons for four other companies—Kindly MD, Empery Digital, Fundamental Global, and 180 Life Sciences Corp—whose stock prices exhibited abnormal movements before cryptocurrency purchases did not respond to requests for comments. Spokespersons for two other cryptocurrency asset management companies, VivoPower and Sonnet BioTherapeutics, which experienced similar price fluctuations, also declined to comment.
However, some of those who benefited from the cryptocurrency-related price surges were not retail investors but individuals connected to the companies or external parties who received privileged information, seemingly profiting by trading on the news ahead of time. ETH treasury company SharpLink saw its stock price more than double from $3 to over $6 in the three trading days before the announcement, despite not filing with the U.S. Securities and Exchange Commission or issuing press releases. "There was definitely leakage because they had contact with too many investors, so it was hard to control," said the CEO of another cryptocurrency fund management company involved in the transactions.
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