Microsoft Corporation MSFTThe company, which has a market capitalization of more than $3 trillion, announced that it will vote on the evaluation of its investment in. Bitcoin BTC/USD At the shareholders' meeting scheduled for December.
what happened: In Thursday's SEC filing, the tech giant listed an item for a vote at its annual meeting on Dec. 10: “Evaluation of Investments in Bitcoin.”
The filing states the board will recommend voting against the plan.
Shareholders asked the board to conduct an evaluation, citing Bitcoin's healthy return of nearly 100% last year and 414% over the past five years.
Suggestions mentioned Micro Strategy Co., Ltd. MSTRis a technology company that holds the majority of Bitcoin on its balance sheet and whose stock price will surpass that of Microsoft in 2024. Microsoft stock has soared 14.52% year to date in 2024, while MicroStrategy stock has soared a whopping 244%.
Additionally, Microsoft's second-largest shareholder was in the spotlight. black rockoperate iShares Bitcoin Trust ETF ibitthe largest Bitcoin-based investment fund.
Shareholders called Bitcoin a “good” if not the best hedge against inflation.
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In response, the board said the vote was “unnecessary” because the company was already considering the issue.
“Past evaluations have included Bitcoin and other cryptocurrencies among the options considered, and Microsoft will continue to monitor trends and developments related to cryptocurrencies to inform future decisions.” says the company's statement.
why is it important: Microsoft is the third most valuable company in the world. As mentioned above, even careful consideration shows that institutions are increasingly interested in the world's largest cryptocurrency.
As many as 11 spot ETFs tracking the price of Bitcoin were launched in the United States in January, marking a major step toward mainstream adoption of the leading cryptocurrency.
Price action: At the time of writing, Bitcoin was trading at $68,115.43, up 1.22% in the past 24 hours, according to data from Benzinga Pro. During Thursday's regular trading session, Microsoft stock closed just above the flatline at $424.73.
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