According to news on December 18, Framework Ventures co-founder Vance Spencer posted on the X platform that MicroStrategy (MSTR) may not sell shares through ATMs or issue new convertible bonds in January next year to fund Bitcoin purchases. If Spencer’s claims are true, it may worry some long-term MicroStrategy stock investors who have been anticipating the company’s weekly Bitcoin purchases. Researchers speculate that the so-called ban on the issuance of new convertible bonds is related to insider trading rules. Although the U.S. Securities and Exchange Commission (SEC) does not prohibit insider trading between the end of earnings season and the release of earnings (assuming all other disclosures are up to date), many companies have set their own blackout periods. , as a Wall Street practice. Insider trading blackout periods typically last from two weeks to a month, with most companies reinstating insider trading within two days of a 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 also some speculation that the insider trading blackout period actually has nothing to do with insider trading rules, but rather with the committee's recommendations after MicroStrategy was included in the Nasdaq 100 index on December 23. Regardless, MicroStrategy is regularly scheduled to report earnings between February 3 and 5, 2025. Some believe that the insider trading blackout period will last throughout January, or the 30 days before the earnings call; others believe that the insider trading blackout period will begin on January 14, but some even doubt whether there are any insider trading Trading blackout period.