Outside Source
Microsoft’s board is already recommending voting against it, arguing they already “evaluate a wide range of investable assets,” including Bitcoin.
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Shareholders of Microsoft will vote on whether the tech giant should consider adding Bitcoin to its balance sheet, a filing with the United States securities regulator reveals.
In the Oct. 24 filing, Microsoft disclosed that “Assessment of Investing in Bitcoin” is currently proposed to certain shareholders who will cast their vote in a Dec. 10 meeting.
However, the Microsoft board is already recommending they vote against it because they already “evaluate a wide range of investable assets,” including Bitcoin.
Item 5 stating the Microsoft board recommends shareholders to vote against a Bitcoin investment. Source: Securities and Exchange Commission
The proposal was pushed by the National Center for Public Policy Research, which highlighted business intelligence firm MicroStrategy’s Bitcoin investment strategy and that it has outperformed Microsoft by over 300% this year “despite doing a fraction of the business” of Microsoft.
It also noted that institutional and corporate adoption is becoming more “commonplace” through spot Bitcoin exchange-traded funds.
The research center noted Bitcoin remains volatile but could 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 said.
This is a developing story, and further information will be added as it becomes available.
This article first appeared at Cointelegraph.com News
