Known for its support for Bitcoin (BTC) currency, MicroStrategy shares are no longer available through HSBC online trading platform HSBC InvestDirect (HIDC).
The bank, which sent a message to its customers, advised users who own MicroStrategy shares not to buy additional shares.
Twitter user Camiam claimed to have received such a message from the banking giant on March 29:
Hey @michael_saylor , you may want to ask your legal team if what @HSBC_CA is doing here is legal. It sure does not sound like it is! They wont allow us to buy @MicroStrategy . They maybe naked short… pic.twitter.com/GWSpt5t9eH
– Camiam⚡️☣️ (@Camadamus) April 8, 2021
Blacklisting of MSTR seems to be part of current bank policy that prevents users from interacting with cryptocurrencies:
“HIDC will not be included in facilitating (buying and / or exchanging) products related to virtual currencies, virtual currency performances or products referring to them.”
According to HSBC’s communiqué, MicroStrategy is also a virtual currency product, so it is also among those that are blacklisted.
MicroStrategy’s Bitcoin investments were initially a positive development for the company’s stock price. Its shares had risen above the 21-year high of $ 1,200 at the beginning of February. The MSTR has since been in decline and is currently almost 50 percent lower than the 2021 peak.
Neither HSBC nor MicroStrategy responded to Cointelegraph’s request for comment.