At its annual meeting, Microsoft confirmed that its shareholders had voted against a resolution to evaluate the addition of Bitcoin to its balance sheet. Proposed by the National Center for Public Policy Research (NCPPR), this initiative suggested investing 1% of the company's assets in Bitcoin, an idea that did not convince either shareholders or the board of directors.
No, there will be no Bitcoin on Microsoft's balance sheet
Michael Saylor's short presentation was therefore not enough to convince Microsoft shareholders. We have just learned, without much surprise, that the latter had voted “No” so that the study of a possible treasury in Bitcoin goes back to the board of directors.
Entitled “Bitcoin Investment Assessment,” the proposal was presented by the National Center for Public Policy Research (NCPPR) – Microsoft’s shareholder group – to study the possibility that the IT giant invests 1% of its assets in Bitcoin. According to Bloomberg, Microsoft holds $78.4 billion in cash and marketable securities on its balance sheet.
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The NCPPR group had claimed that Bitcoin adoption could generate billions of dollars in value and “ reduce risks » for Microsoft shareholders, supporting his speech on the success of IBIT, the spot Bitcoin ETF of BlackRock, the 2nd largest shareholder of Microsoft.
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Already last month, Microsoft's board of directors recommended that shareholders reject this proposal. The latter had expressed reservations about such a possibility, citing the volatility of BTC.
“ Microsoft continues to monitor trends and developments related to cryptocurrencies to inform future decision-making. […] Volatility is a factor to take into account when evaluating investments in cryptocurrencies, »The members of the Microsoft board then explained.
Michael Saylor, the CEO of MicroStrategy, had proposed to Satya Nadella, the general director of Microsoft, to meet in order to discuss a possible strategic reserve of BTC. However, the leader of the technology giant declined his offer.
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“ Microsoft has robust and appropriate processes to manage and diversify its corporate treasury for the long-term benefit of shareholders, and the requested public review is unwarranted, ” said the Microsoft board of directors in its filing with the SEC.
The latter added that, despite certain similarities between Microsoft and MicroStrategy, the 2 giants had significant differences regarding their respective approaches to cryptocurrencies.
Bitcoin price is around $94,900, down 2.6% over the last 24 hours.
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Source: Bloomberg
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