US Stock Market Move | Encryption mining company IREN Ltd (IREN.US) tumbled by over 11%.

On Friday, during the trading session, cryptocurrency mining companies in the US stock market weakened, with IREN Ltd (IREN.US) plummeting by over 11%, CleanSpark (CLSK.US) dropping by over 8%, and Cipher Mining (CIFR.US) falling by over 3%. According to the Wall Street Journal, US regulatory agencies have conducted reviews of companies that announced plans to purchase digital assets before their stock prices experienced significant fluctuations. The US Securities and Exchange Commission and the Financial Industry Regulatory Authority have reached out to some of the over 200 companies that announced related strategies this year, expressing concerns about the abnormal increase in trading volume and sharp rise in stock prices days before the companies made public announcements. Lawyers state that such letters often signal the beginning of a more in-depth investigation into insider trading. Companies announcing cryptocurrency reserve strategies have emerged in large numbers over the past few months, with their strategies mimicking that of Strategy (MSTR.US) in using the issuance of stocks and bonds to raise funds for purchasing bitcoin and other digital tokens.