According to @MilkRoadDaily, the U.S. SEC has reached out to more than 200 digital asset trading platforms with insider trading concerns, signaling heightened regulatory scrutiny for the sector (source: @MilkRoadDaily, X post dated Sep 28, 2025). According to @MilkRoadDaily, a deeper investigation is now expected, which the source characterizes as bad news for crypto treasuries due to rising compliance and headline risk (source: @MilkRoadDaily, X post dated Sep 28, 2025).

According to the source, the claim is that crypto treasuries have reduced purchases and that this could weigh on prices, but the only link provided is from a competing crypto media outlet, which cannot be cited per the guidelines. Please share primary or non-competing sources (e.g., SEC filings for public crypto holders like MicroStrategy, Tesla; on-chain analytics from Glassnode, Coin Metrics, CryptoQuant, Arkham; or institutional research from Fidelity Digital Assets, JPMorgan, Goldman Sachs) so a verified, trading-focused summary with citations can be produced, including flow metrics, liquidity and basis impacts, and actionable levels for BTC and ETH.

According to the source, the shared post links to a piece on a novel structure combining crypto treasuries and ETFs before the SEC but provides no issuer name, filing number, ticker, or product terms, so no tradeable catalyst can be verified from the post alone, source: X post dated Sep 24, 2025. U.S. exchange-listed crypto ETFs require both a 19b-4 rule change approval and S-1 effectiveness before launch, so traders should confirm any new product by checking the SEC’s EDGAR database for actual 19b-4 and S-1 filings mentioning crypto treasuries or digital assets, source: U.S. SEC. As reference points, spot Bitcoin ETFs began trading in the U.S. after SEC approvals in January 2024 and spot Ether ETFs launched in July 2024, illustrating the required two-step process and timelines, source: U.S. SEC. Absent verifiable filings or sponsor disclosures, no impact on BTC or ETH liquidity, flows, or basis can be assessed at this time, and traders should wait for an SEC filing or exchange listing notice to establish a concrete catalyst, source: U.S. SEC and U.S. listing exchanges.

According to the source, a social post claims Crypto Treasury Companies now hold $107B of assets; however, this figure cannot be verified from a permissible primary source provided here, so trading analysis cannot be produced without independent confirmation (source: user-provided social post on X). Please supply an acceptable primary dataset or disclosure, such as aggregated company filings (SEC 10-Q/10-K, 8-K), audited treasury reports, or analytics from independent data providers like Glassnode, Arkham, CoinGecko, or BitcoinTreasuries, to enable a trading-focused assessment with citations. Once a compliant source is provided, we will quantify treasury concentration, identify top holders, assess historical growth rates, and map potential liquidity and volatility impacts across crypto markets with direct source references.

According to @MilkRoadDaily, treasuries have accumulated 11.7M SOL valued at $2.84B, rising from zero just months ago and making SOL one of the fastest-growing asset reserves in crypto. Source: @MilkRoadDaily on X, Sep 14, 2025, https://twitter.com/MilkRoadDaily/status/1967203550909653359

According to @BitMEXResearch, BitMEX Research has added the Litecoin Treasury company to its treasury companies article, expanding the reference list relevant for LTC market tracking, source: BitMEX Research on X (Aug 13, 2025) and BitMEX Research blog. Traders can reference this update when monitoring LTC-related treasury developments using BitMEX Research’s consolidated resource, source: BitMEX Research on X and BitMEX Research blog.