MicroStrategy, known for its aggressive bitcoin accumulation, has paused its weekly purchases. This break could be related to an upcoming earnings report and the subsequent blackout period for employees with financial information about the company.
The company had been buying bitcoin on a weekly basis since Nov. 11, bringing its total holdings to 471,107 bitcoin.
The reason for the break could be Wednesday's earnings report, for which it might have a blackout period, a CoinDesk analyst said.Public companies go into a so-called blackout period for some time before earnings releases to prevent insider trading. During that period, which can last days, weeks or even months, people with financial information about the company are restricted from buying or selling the company's securities.
In MicroStrategy’s case, given that the majority of its balance sheet is bitcoin, this could include trading the cryptocurrency.Helene is a New York-based news reporter at CoinDesk, covering news about Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show on Spotify and Youtube.
MICROSTRATEGY BITCOIN EARNINGS REPORT BLACKOUT PERIOD CRYPTOCURRENCY
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