🐋Microsoft shareholders vote “no” to Bitcoin reserves🐋
The company’s board of directors opposed the resolution, citing Bitcoin’s alleged volatility as a negative factor.
The National Center for Public Policy Research (NCPPR), a pro-free market think tank based in Washington, D.C., had proposed the resolution, framing it as a corporate duty to provide shareholder value through profit diversification.
🪙☝️ The proposal did note that Bitcoin was “more volatile” than corporate bonds, so it advised against holding “too much of it,” but it also advised against risking shareholder value by “ignoring Bitcoin altogether.”
As such, the NCPPR recommended using between 1% and 5% of the company’s profits to buy Bitcoin. The proposal formally requested that Microsoft “conduct an assessment to determine whether diversifying the company’s balance sheet to include Bitcoin is in the best long-term interests of shareholders.”
🔮💸 However, Microsoft’s board of directors was unfazed before the vote. “Microsoft has robust and appropriate processes in place to manage and diversify its corporate treasury for the long-term benefit of shareholders,” the board wrote in the aforementioned SEC filing, “and this requested public assessment is not warranted.”
