Microsoft Shareholders Reject Bitcoin Balance Sheet Proposal
There was a proposal for Microsoft’s board to evaluate the long-term shareholder benefits of holding bitcoin on its balance sheet. Shareholders voted against it, which aligned with the board's recommendation. The board provided rationale for this decision:
Bitcoin advocate Michael Saylor presented a pre-recorded message at the meeting, where he has previously described bitcoin in various ways, including as:
- “The greatest digital transformation of the 21st century”
- “A revolutionary advance in capital preservation”
- “Highest performing uncorrelated asset”
- “Outperforming Microsoft by 10x annually”
- “An asset without counterparty risk”
Saylor argued that purchasing bitcoin makes more sense than repurchasing stock or holding bonds. The rejection of the proposal was not what many in the crypto industry desired. However, Microsoft stated that its management already evaluates potential investments in bitcoin. As more companies adopt BTC as a reserve asset, there remains potential for future consideration from Microsoft.
Saylor's presentation allowed him to communicate his views to a different audience.