Microsoft Uninterested in Bitcoin
Microsoft confirmed that a resolution to consider adding Bitcoin to its balance sheet was turned down at its annual meeting.
Microsoft met with its shareholders to discuss several proposals, one of which was to include Bitcoin in the company’s reserves. Shareholders, however, heeded Microsoft’s management’s recommendation to reject this idea.
The Securities and Exchange Commission tagged the proposal as unnecessary, stating that “Corporate treasury applications that need steady and predictable investments to guarantee liquidity and operational funding should consider volatility when assessing cryptocurrency investments”
The National Center for Public Policy Research (NCPPR) initiative recommended allocating 1% of the company’s assets to Bitcoin, but neither the board of directors nor shareholders were persuaded. Thus, Michael Saylor’s brief presentation was insufficient to convince Microsoft shareholders.
Unsurprisingly, the latter voted “No” to the study of a potential Bitcoin treasury presented to the board of directors.
The proposal, titled “Bitcoin Investment Assessment,” was put forth by Microsoft’s shareholder group, the National Center for Public Policy Research (NCPPR), to investigate the possibility of the computer giant investing 1% of its assets in Bitcoin. According to Bloomberg, Microsoft has $78.4 billion in cash and marketable securities on its balance sheet.
The success of IBIT, the Bitcoin spot ETF of BlackRock, which happens to be Microsoft’s second-largest shareholder, was used by the NCPPR group to support their claim that Bitcoin adoption could “reduce risk” and create billions of dollars in value for Microsoft shareholders.
ABOUT THE AUTHOR
See More
Sidebar rates
Add 3442
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals