Foreign media: MicroStrategy's internal trading restriction period may suspend its purchase of BTC in January next year.

According to Protos, Vance Spencer, co-founder of Framework Ventures, wrote on X platform on December 18 that MicroStrategy (MSTR) may not provide funds for purchasing BTC through ATM stock sales or issuance of new convertible bonds in January next year. If Spencer’s statement is true, it may cause concern for some long-term MicroStrategy stockholders who have been expecting the company to buy BTC every week. Researchers speculate that the so-called prohibition on the issuance of new convertible bonds is related to internal trading rules. Although the U.S. Securities and Exchange Commission (SEC) does not prohibit insiders from trading during the end of the financial reporting period and the period of financial reporting disclosure (assuming all other disclosures are up to date), many companies still set their own internal trading control periods (Blackout Period) as a Wall Street practice. The internal trading control period typically lasts for two weeks to a month, and most companies re-allow internal trading within two days after the quarterly earnings announcement. These self-imposed quiet periods help companies avoid suspicion that their employees are using non-public information for their own benefit. There is speculation that the internal trading control period is actually related to the committee’s recommendations after MicroStrategy was included in the Nasdaq 100 index on December 23. In any case, MicroStrategy has scheduled to announce earnings between February 3 and 5, 2025. Some believe that the internal trading control period will last throughout January, or 30 days before the earnings call; while others believe that the internal trading control period will start on January 14, but some even doubt the existence of any internal trading control period.