Crypto hoarding brings a stock pop for small firms—and in some cases shows patterns of possible insider trading

Crypto hoarding brings a stock pop for small firms—and in some cases shows patterns of possible insider trading

In mid-July, the stock for the cancer drug developer MEI Pharma skyrocketed. It wasn’t because the small company, first listed on the Nasdaq in 2003, had discovered a blockbuster cancer cure. Rather, MEI Pharma’s soaring share price coincided with the company’s decision to buy up $100 million of the cryptocurrency Litecoin for its treasury. The pop in price, which saw shares go from $3 to a high of $7, wasn’t surprising. In announcing the Liteco…

Major stock jumps around crypto moves raise suspicions of insider activity

MEI Pharma’s stock jumped in mid-July. It wasn’t because of a new cancer drug. The company said it would buy $100 million of Litecoin for its cash reserves. After that, the share price went from $3 to almost $7. What was odd is that the stock had already risen in the days before the news, even though there were no SEC filings, no press releases, and little social media talk. Other small-cap names also posted sharp gains shortly before unveiling …