Microsoft Considers Investing in Bitcoin
25 Oct, 2024 ● Crypto News
Microsoft shareholders will vote in December on whether the company should publicly consider adding Bitcoin to its balance sheet, as revealed in a recent filing with the U.S. securities regulator.
The October 24 filing discloses that an “Assessment of Investing in Bitcoin” is being proposed to select shareholders, who will cast their votes at a December 10 meeting.
However, Microsoft’s board recommends voting against the proposal, noting that it already “evaluates a wide range of investable assets,” including Bitcoin.
The proposal, introduced by the National Center for Public Policy Research (NCPPR), points to the example of business intelligence firm MicroStrategy, whose Bitcoin investment strategy has outperformed Microsoft by over 300% this year “despite doing a fraction of the business” that Microsoft does.
The NCPPR argues that institutional and corporate adoption of Bitcoin is becoming more “commonplace” through spot Bitcoin ETFs, and although Bitcoin remains volatile, it may serve as a hedge against inflation and corporate bond yields.
“At minimum, companies should evaluate the benefits of holding some, even just 1% of its assets in Bitcoin,” it stated.
Microsoft and the NCPPR have not yet responded to requests for comment from Cointelegraph.
NCPPR describes itself as a “non-partisan, free-market, independent conservative think tank” focused on safeguarding American freedoms for current and future generations.
While a Bitcoin investment by Microsoft seems unlikely, the company previously accepted Bitcoin payments in its online Xbox store between 2014 and 2018.
Currently, Microsoft’s focus is more on artificial intelligence technology than on blockchain.
On October 24, Microsoft’s share price remained steady, rising slightly by 0.03% to $424.7, according to Google Finance data.
Sources:
https://cointelegraph.com/news/microsoft-board-assess-investing-bitcoin-shareholder-vote
https://www.sec.gov/Archives/edgar/data/789019/000119312524242884/d878959ddefa14a.htm
