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Microsoft shareholders A proposal that would have seen the tech giant explore investing in Bitcoin as a means of diversifying its assets was rejected on Tuesday.
The proposal, which was put forward by a conservative think tank called the National Center for Public Policy Research, would have directed Microsoft’s board to evaluate whether investing in bitcoin Diversifying the balance sheet was in the long-term interests of shareholders.
Billionaire Michael Saylor, who has invested heavily in Bitcoin through his firm MicroStrategy, supported the proposal and was a prominent advocate for it.
However, Microsoft’s board of directors publicly opposed the proposal, calling it unnecessary, as the company was already considering a variety of investment options.
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Microsoft shareholders rejected a proposal for the board to consider investing in Bitcoin. (Photo by Cesc Maymo/Getty Images/Getty Images)
Saylor argued in a presentation directed to the Microsoft board and CEO Satya Nadella that the company has a choice between clinging to the past or embracing the future with Bitcoin, and said investing in the cryptocurrency is likely to outperform the market. Needed. “Now is the time for Microsoft to evaluate its Bitcoin strategic options,” Saylor said.
His presentation, which was posted on “Enterprises can create value, you can move risk away from your shareholders, and you can prosper on the Bitcoin standard.”
| anchor | Security | Last | Change | Change % |
|---|---|---|---|---|
| MSFT | Microsoft Corp. | 430.98 | +7.52 |
+1.78% |
Microsoft Board of Directors disclosed the proposal in a regulatory filing and outlined its opposition to the proposal, stating that the company’s management “is already carefully considering this topic.”
“Microsoft’s global treasury and investment services team evaluates a wide range of investable assets to fund Microsoft’s ongoing operations, including providing diversification and inflation protection against significant economic losses from rising interest rates,” the company wrote. “Includes assets that reduce the risk of Its proxy statement.
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“Past valuations have included Bitcoin and other cryptocurrencies among the options being considered, and Microsoft continues to monitor trends and developments related to cryptocurrencies to inform future decision making,” Microsoft said.
“As stated in the proposal itself, volatility is a factor in evaluating cryptocurrency investments for corporate treasury applications, which require stable and predictable investments to ensure liquidity and operational funding,” the company said. “Microsoft has robust and appropriate processes in place to manage and diversify its corporate wealth for the long-term benefit of shareholders and this requested public valuation is inappropriate.”
Bitcoin crossed the $100,000 threshold for the first time last week, although it has since fallen below that level. (Photo illustration by Chesnott/Getty Images/Getty Images)
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Microsoft will publish the results of the Bitcoin investment vote in an 8-K filing.
Bitcoin crosses the $100,000 threshold for the first time on Wednesday night last week, although it has dropped to around $96,000 by Tuesday afternoon.
