Microsoft shareholders have voted against a proposal that would have explored the company adding Bitcoin to its corporate treasury. The proposal, titled “Assessment of Investing in Bitcoin,” was put forward by the National Center for Public Policy Research and suggested allocating 1% of Microsoft’s total assets, approximately $784 million based on current holdings, to the cryptocurrency.
The preliminary vote results, announced at Microsoft’s annual shareholder meeting, align with the board’s recommendation to reject the proposal. The board had previously expressed concerns about Bitcoin’s volatility, emphasizing the company’s preference for stable and predictable investments.
Michael Saylor, Executive Chairman of MicroStrategy, a company known for its substantial Bitcoin holdings, presented a three-minute argument in favor of the proposal. Saylor contended that Microsoft had missed out on significant potential returns by distributing $200 billion in dividends and stock buybacks over the past five years instead of investing in Bitcoin. He highlighted MicroStrategy’s own success, with its stock price surging as much as 2,500% since adopting a Bitcoin treasury strategy over four years ago.
Despite Saylor’s advocacy, the shareholders ultimately sided with the board’s cautious approach. Following the announcement, Microsoft’s stock price (MSFT) remained relatively flat at around $446. However, Bitcoin’s price dipped by 4% to $95,700, potentially reflecting investor sentiment regarding the Microsoft decision.
