MicroStrategy has a Bitcoin obsession. Microsoft, what about you?
You can catch up by looking at a filing from Thursday. It showed the proposal that Microsoft’s Annual Meeting will consider.
The note is a company’s name. “fiduciary duty” To maximize shareholder value, protect profits from inflation by protecting them against depreciation. The proposal calls on Microsoft — with $484 billion in assets, as of March 31 — to consider diversifying its balance sheet with assets beyond the US government securities and corporate bonds it currently holds. Namely, bitcoin.
The proposal acknowledges BTC’s volatility. Nevertheless, the proposal makes note of BTC’s volatility. “companies should evaluate the benefits of holding some, even just 1%, of its assets in bitcoin.”
The proposal calls out MicroStrategy (also called MicroStrategy) which, as of last week, held 252,220 BTC. MicroStrategy shares are up 249% year-over-year, while Microsoft stock is up only 16%.
Michael Saylor, founder of MicroStrategy, also sent a message to Microsoft CEO Satya Nadella.
This proposal is unlikely to pass.
Microsoft’s Board of Directors issued a statement of disapproval. “volatility is a factor to consider in evaluating cryptocurrency investments for corporate treasury applications that require stable and predictable investments to ensure liquidity and operational funding.”
The company has already “strong and appropriate processes in place” for its corporate treasury, the board adds — noting: “This requested public assessment is unwarranted.”
Microsoft has previously evaluated bitcoins and other cryptocurrencies, but the board’s conclusion is that it has not done so in the present. “continues to monitor trends and developments related to cryptocurrencies to inform future decision-making.”
The company is not shutting the door completely on BTC. We can add this to the list positive developments that have occurred during the year when BTC has become more mainstream.
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