Insiders Double Down on the Crypto Treasury Trade

Every weekend, I dive into our insider activity tracker looking for the most interesting and bullish buys — and there’s always a fresh batch of standout moves worth watching.

Here’s this week’s most notable activity:

The most intriguing insider activity this week came in SharpLink Gaming $SBET. 

Both the CEO Rob Phythian and CFO Robert DeLucia filed Form 4s, purchasing a combined $300,000 worth of stock. 

This comes as the company pivots away from gambling and toward a digital asset treasury strategy.

Since announcing their shift to an Ethereum-based treasury model, similar to the Bitcoin playbook used by Michael Saylor’s MicroStrategy, the stock has exploded — up over 3,500% in the past two weeks.

The insider buys only reinforce the conviction behind this dramatic corporate transformation. We’ll keep it on our radar and watch to see if this move sticks. 

Next up is WEX Inc $WEX, where the President & CEO just bought over $500K worth of stock. No headlines here, just a solid vote of confidence from the top.

We also saw a notable buy in Illinois Tool Works $ITW, with director David Byron Smith Jr. picking up just over $210,000 in stock.

Then there’s ORIC Pharmaceuticals $ORIC, where Point72 Asset Management, L.P. filed an original 13G revealing a 5.1% stake. It’s unusual for Cohen to take a large, reportable position like this. They must like it a lot over there. 

Finally, on the political front, Rep. Reb Bresnahan of Pennsylvania disclosed two separate purchases in Advanced Micro Devices $AMD and ConocoPhillips $COP, both in the $15,000–$50,000 range.

With commodities shaping up again, energy might be next up to bat.

ConocoPhillips has been consolidating right above its 2014 highs. This level has flipped from resistance to support, making it a logical area to define risk and take a shot.

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