A conservative think tank is ratcheting up its aggressive campaign to get Fortune 500 companies to invest in Bitcoin.
The National Center for Public Policy Research now targets Amazon after filing over 60 corporate proposals to companies, including Microsoft. Those proposals range from asking firms to review the risks of their diversity, equity and inclusion policies to tapping into crypto.
The $2 trillion e-commerce giant has a fiduciary duty to shareholders to maximise shareholder value beyond its core business, especially during times of rampant inflation, the think tank’s Amazon proposal reads.
“Amazon should evaluate the benefits of holding some, even just 5%, of its assets in Bitcoin,” the NCPPR wrote.
While the odds of the proposal appearing on Amazon’s voting docket at its next shareholder meeting in May are slim, the NCPPR’s dogged campaign comes as crypto has become a political and corporate hot-button topic.
Not only are more companies being pushed to make Bitcoin part of their treasuries, but states and nations — including the US — face a relentless campaign to launch national reserves with the top cryptocurrency.
Amazon and Microsoft
Crypto pundits celebrated the NCPPR’s proposal on social media. Binance founder Changpeng Zhao also urged Amazon to accept Bitcoin payments.
However, several hurdles remain before the proposal is brought to Amazon investors, let alone their voting. A company can block a proposal for any number of reasons.
Still, the NCPPR has already enjoyed some luck with Microsoft after the think tank made a similar proposal for the company to invest in Bitcoin in October. Shareholders will vote on the matter on Tuesday.
Despite the board recommending shareholders reject the proposal, it has garnered much attention.
Even Michael Saylor, the CEO of business intelligence firm MicroStrategy, the world’s largest corporate Bitcoin holder, has weighed in on it — urging the board not to miss the opportunity.
In a three-minute presentation he’s shared online, Saylor touted support from President-elect Donald Trump and growing institutional adoption from firms like BlackRock as signs of a “Bitcoin Renaissance.”
My 3-minute presentation to the $MSFT Board of Directors and @SatyaNadella, articulating why the company should do the right thing and adopt #Bitcoin. pic.twitter.com/aHp91V9Slz
— Michael Saylor⚡️ (@saylor) December 1, 2024
The NCPPR is now banking on Amazon to join that renaissance.
“Microstrategy — which holds Bitcoin on its balance sheet — has had its stock outperform Amazon stock by 537% in the previous year,” the think tank’s latest proposal reads.
MicroStrategy owns more than 400,000 Bitcoin worth nearly $40 billion, according to data from Bitcoin Treasuries.
Crypto market movers
Bitcoin is down 1.4% over the past 24 hours to trade at $98,100.
Ethereum is down 2.8% to $3,858.
What we’re reading
Telegram CEO Pavel Durov faces French judge in criminal allegation probe — DL News
Is a 30% pullback near? — Milk Road
Warren will have significant say in selecting the democratic SEC commissioner — Unchained
Radiant Capital says North Korean hackers behind $50m attack in October — The Block
Coinbase’s top lawyer says Operation Chokepoint 2.0 is ‘no conspiracy theory.’ And he has proof — DL News
Liam Kelly is a Berlin-based reporter for DL News. Got a tip? Email him at liam@dlnews.com.
