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MicroStrategy Chair Michael Saylor is set to pitch to Microsoft's board about investing in Bitcoin.
On 9 December, Microsoft will hold its annual shareholders' meeting, where shareholders can vote on a range of issues. One proposal is titled "Assessment of Investing in Bitcoin."
However, last month, the board has recommended that its shareholders vote against it. Microsoft already “carefully considers this topic,” the board claimed in Securities and Exchange Commission (SEC) filing.
“Past evaluations have included Bitcoin and other cryptocurrencies among the options considered, and Microsoft continues to monitor trends and developments related to cryptocurrencies to inform future decision-making."
Blockhead
Saylor has since agreed to give a three-minute presentation to Microsoft's board. “The activist that put that proposal together contacted me to present to the board, and I agreed to provide a three-minute presentation — that’s all you’re allowed — and I’m going to present it to the board of directors,” Saylor in a VanEck X spaces.
— VanEck (@vaneck_us) November 8, 2024
Saylor revealed he proposed to meet with Microsoft CEO Satya Nadella “in confidence” to discuss the topic, was declined.
“So you will see me putting together the three-minute proposal for Microsoft […], and we’ll send it to the board,” he added.
The National Center for Public Policy Research pushed Microsoft to look into Bitcoin, as it strongly recommends companies allocate at least 1% of their total assets to Bitcoin. The group described the leading cryptocurrency as an "excellent, if not the best, hedge against inflation" and highlighted how MicroStrategy's Bitcoin investments have outperformed Microsoft's share price by more than 300%.
“I think it’s not a bad idea to put it on the agenda of every company. It ought to be put on the agenda of Berkshire Hathaway and Apple and Google and Meta because they all have huge hordes of cash, and they’re all burning shareholder value,” Saylor said.
“It would be a lot more stable stock and a much less risky stock if half of the enterprise value of the stock was based upon tangible assets or property like Bitcoin. So I think there’s a great argument to be made. I think shareholders should make it.”
Blockhead
MicroStrategy acquired 51,780 BTC over the last week for a total cost of $4.6 billion. Its stash now totals 331,200 BTC, worth just under $30 billion, with a purchase price of about $16.5 billion.
