Microsoft shareholders voted against the proposal to include Bitcoin as part of the company's assets on December 10, after MicroStrategy founder Michael Saylor suggested that Microsoft should invest in Bitcoin to hedge against inflation. While Saylor believed this would significantly enhance Microsoft's market value, the board still recommended that shareholders vote to reject the proposal. The vote results indicate that Microsoft is currently not considering incorporating Bitcoin into its portfolio. Meanwhile, MicroStrategy recently added 21,550 Bitcoin, bringing its total holdings to 423,650. The Bitcoin price also rebounded above $95,000 amid the volatility triggered by the news.
Microsoft shareholders voted against a proposal to have the tech giant add Bitcoin to its balance sheet.
The vote on Tuesday, December 10, 2024, took place after a proposal was made by the National Center for Public Policy Research, following MicroStrategy founder and chairman Michael Saylor's speech urging Microsoft to adopt a Bitcoin treasury.
On December 10, the voting details showed that Microsoft shareholders rejected the proposal, meaning that one of the world's most valuable companies will not be adding BTC to its financial treasury anytime soon. Microsoft will not take the time to explore options for incorporating the largest cryptocurrency by market cap as part of its diversified portfolio.
Saylor's company is the largest corporate holder following a Bitcoin buying spree that started in 2020. He stated last week that if Microsoft invests in this flagship digital asset, its market value could increase by trillions of dollars.
MicroStrategy purchased an additional 21,550 BTC on December 9, valued at $2.1 billion, bringing its total holdings to 423,650 BTC, worth approximately $25.6 billion.
The Microsoft board urged shareholders to vote against the proposal.
The proposal from the National Center for Public Policy Research (Bitcoin Investment Assessment) advocates for allocating 1% of Microsoft's assets to Bitcoin. According to the proposal, the company should weigh whether diversifying investments using Bitcoin to hedge against inflation is in the best interest of shareholders.
Saylor delivered a 3-minute speech to the Microsoft board of directors and chairman and CEO Satya Nadella. The Bitcoin bull explained why this approach is the right thing for the company.
The preliminary results of the shareholders' vote indicate that Microsoft may pursue this strategy if the BTC price is significantly above the current $97,000. The company's board requested shareholders to reject the proposal last month.
Despite the voting results, some in the cryptocurrency industry remain optimistic about what such proposals' implementation might mean.
It is worth noting that the National Center for Public Policy Research also submitted a similar proposal to Amazon.
As of the time of writing, MSFT's stock price was approximately $446.98, with the day's performance remaining relatively flat. Following the news, the Bitcoin price dropped below $95,000, hitting a low of $94,550. However, at the time of writing, BTC had returned above $95,000 as bulls aimed to retest the psychological level of $100,000.
The post about Microsoft shareholders rejecting the Bitcoin treasury proposal first appeared on CoinJournal.