Foreign media: MicroStrategy's internal transaction control period may cause it to suspend Bitcoin purchases in January next year

According to Protos, Framework Ventures co-founder Vance Spencer stated in an article on X platform that MicroStrategy (MSTR) may not sell stocks or issue new convertible bonds through ATM in January next year to fund Bitcoin purchases. If Spencer's statement is true, it may concern some investors who have long held MicroStrategy stocks, as they have been expecting the company to buy Bitcoin every week. Researchers speculate that the regulation prohibiting the issuance of new convertible bonds is related to internal trading rules. Although the US Securities and Exchange Commission (SEC) does not prohibit insiders from trading at the end of the earnings season and during earnings releases (assuming all other disclosures are up-to-date), many companies still set their own Blackout periods for internal trading as a Wall Street convention. The internal trading control period usually lasts from two weeks to one month, and most companies allow internal trading again within two days after the quarterly earnings announcement is released. These self imposed quiet periods help companies avoid suspicion that their employees are using non-public information for their own benefit. Some people speculate that the internal trading control period is actually unrelated to internal trading rules, but rather related to the committee's recommendation after MicroStrategy was included in the Nasdaq 100 index on December 23. Anyway, MicroStrategy has regularly scheduled to announce its earnings between February 3rd and 5th, 2025. Some people believe that the internal transaction control period will last for the entire month of January or 30 days before the earnings conference call; Others believe that the internal transaction control period will begin on January 14th, but some even suspect the existence of any internal transaction control period.