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Microsoft shareholders will vote in December on the tech giant’s potential public evaluation of adding Bitcoin to its balance sheet, according to a filing with the SEC. These proposals are generally decided by a majority shareholder vote rather than by the board of directors. On December 10, 2024, Microsoft shareholders will vote on a proposal named “Assessment of Investing in Bitcoin,” which considers whether the company should add Bitcoin to its balance sheet, as noted in an October 24 filing with the Securities and Exchange Commission (SEC). If approved, the global tech giant will become one of the largest companies to invest in Cryptocurrency surpassing giants like Tesla and MicroStrategy. The Redmond giant is the third largest tech firm in the United States with a market capitalization of $3.157 trillion. The National Center for Public Policy Research (NCPPR), a self-described conservative think tank based in the United States, submitted this idea, urging Microsoft to diversify its investments by adding the leading cryptocurrency. Notably, the NCPPR is one of the 100 conservative organizations to project 2025. However, Microsoft’s board of directors advised shareholders to vote against the proposal, stating that the company is already carefully considering cryptocurrency trends, making the proposal “unnecessary.” Microsoft’s Global Treasury and Investment Services team reviews a wide array of investable assets to support the company’s ongoing operations, prioritizing those that enhance diversification, guard against inflation, and help minimize the risk of significant economic losses. The timing of this proposal to consider Bitcoin aligns with major institutional moves into cryptocurrency markets by investors like BlackRock. The company purchased over $1 billion in Bitcoin on October 18 increasing its position through the IBIT spot ETF. BlackRock holds $24 billion worth of Bitcoin accounting for roughly 1.76% of all the Bitcoin supply. As Microsoft’s second-largest shareholder, with a 5.7%…

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Filed under: News - @ October 26, 2024 2:26 am