HSBC reportedly blacklists MicroStrategy’s stock for investing in Bitcoin
According to reports, HSBC customers can no longer buy MicroStrategy shares (MSTR) on the bank’s online trading platform, HSBC InvestDirect, or HIDC.
According to the bank’s alleged message to its customers, HSBC sent users who already own shares of MicroStrategy a message asking them to stop buying shares.
Twitter user Camiam said he turned himself in on the 29th. March received such a message from the banking giant:
Hey @michael_saylor, you can ask your legal team if what @HSBC_CA is doing here is legal. It doesn’t look like it! They won’t let us buy @MicroStrategy. You may be naked for a minute…. pic.twitter.com/GWSpt5t9eH
– Camiam⚡️☣️ (@Camadamus) April 8, 2021
MSTR’s blacklisting is part of a change in bank policy that bans users from dealing with cryptocurrencies, with an excerpt from the message stating:
HIDC is not engaged in the brokerage (purchase and/or exchange) of products related to virtual currency or products related to or associated with the operation of virtual currency.
According to HSBC’s alleged statement, MicroStrategy is a virtual currency product, and therefore blacklisted.
MicroStrategy, a software and business intelligence company, was the first company in the United States to allow publicly traded companies to adopt bitcoin (BTC).
Since first adding bitcoins in August 2020, the Fortune 500 company now owns more than 90,000 BTC, currently valued at about $5.26 billion.
Blacklisting MSTR is just HSBC’s latest measure against scripts. Earlier this year, the world’s sixth-largest bank also reportedly banned customers from transferring profits from cryptocurrency exchanges into their bank accounts.
Despite the ban on MicroStrategy shares, no similar bans have been reported for other companies that have invested in bitcoin.
Companies with significant investments in bitcoin, such as Tesla, Hut 8 Mining, and Square, to name a few, are still listed in the HIDC’s company directory.
HSBC is the latest bank to react negatively to MicroStrategy’s involvement in bitcoin production. In December 2020, Citibank downgraded MSTR due to the company’s disproportionate stake in the largest cryptocurrency by market capitalization.
MicroStrategy’s investment in bitcoin appears to have triggered a positive movement in the company’s share price, which reached a 21-year high above $1,200 in early February. Since then, MSTR has struggled and is now down almost 50% from its peak in 2021.
Neither HSBC nor MicroStrategy immediately responded to Cointelegraph’s request for comment.
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