2024-12-11 23:30 |
Microsoft shareholders voted against the proposal to add Bitcoin (BTC) to its treasury in a preliminary vote conducted during the firm’s annual meeting.
The proposal, introduced by the think tank and shareholder National Center for Public Policy Research (NCPPR), involved Microsoft considering allocating 1% of its treasury to BTC, which is roughly $800 million per the company’s total cash, cash equivalents, and short-term investments for the third quarter.
The board of directors had already recommended opposition to the proposal on Oct. 24, stating that the board had already considered alternative assets, including Bitcoin and other crypto.
Despite Microsoft not adding Bitcoin to its treasury for now, the company’s board of directors stated that it continues to monitor trends and developments related to this market.
Bitcoin for treasuriesOn Dec.1, MicroStrategy executive chairman Michael Saylor shared a three-minute presentation he made for Microsoft’s board of directors.
Saylor argued that Bitcoin is a fundamental piece of the next wave of technological innovation while also warning that failing to integrate BTC could leave Microsoft behind in the tech companies’ race.
He also highlighted that adding BTC to Microsoft’s treasury could grant the firm a $5 trillion market cap by 2034. Saylor proposed allocating the company’s cash flows, dividend payouts, and stock buybacks to Bitcoin.
Notably, MicroStrategy currently holds 423,650 BTC, which is likely why the company’s shares soared 443% in 2024 to $371.98 as of press time. The stocks peaked at $473.83 on Nov. 20, a new all-time high after the “dotcom bubble.”
Recently, the NCPPR introduced a similar proposal to Amazon, which involves considering allocating 5% of its assets to BTC. As the Microsoft proposal argued, the goal is to hedge against inflation and increase Amazon shares’ prices.
If the shareholders accept, Amazon holds $88 billion in cash and short-term assets, which would result in the company allocating nearly $4.5 billion in Bitcoin.
The post Microsoft shareholders oppose Bitcoin treasury allocation in preliminary vote appeared first on CryptoSlate.
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