On December 18th, Vance Spencer, co-founder of Framework Ventures, wrote on X platform that MicroStrategy (MSTR) may not sell stocks or issue new convertible bonds through ATM in January next year to provide funds for buying Bitcoin. If Spencer's statement is true, it may worry some long-term investors who 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 during the financial reporting season and the financial reporting period (assuming all other disclosures are up to date), many companies still set their own internal trading blackout periods as a Wall Street convention. The internal trading blackout period usually lasts for two weeks to a 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 being suspected of their employees using non-public information for their own benefit.

Some people also speculate that the internal trading blackout period is actually not related to internal trading rules, but to the committee recommendation for MicroStrategy's inclusion in the Nasdaq 100 index on December 23rd. In any case, MicroStrategy has scheduled to announce its earnings between February 3rd and 5th, 2025. Some people believe that the internal trading blackout period will last throughout January or 30 days before the earnings conference call, while others believe that it will start on January 14th. However, some even doubt whether there is any internal trading blackout period at all.