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Microsoft Shareholders Reject Bitcoin Investment Despite $100,000 Bitcoin Price, $75B Cash Reserves

Dec 10, 2024, 03:09 PM

Microsoft shareholders have voted against a proposal to invest in Bitcoin, rejecting an initiative that would have added the cryptocurrency to the company's balance sheet. The vote took place during Microsoft's annual shareholder meeting on December 10. The proposal was backed by Michael Saylor, CEO of MicroStrategy, whose company holds over 402,000 Bitcoins and has seen its stock outperform Microsoft's by 537% due to its Bitcoin strategy. Despite Bitcoin recently surpassing $100,000 and its market capitalization exceeding $2 trillion for the first time, Microsoft's board recommended shareholders vote against the plan, citing concerns over volatility. Microsoft's cash and short-term investments total $75.53 billion as of 2024, which could have been partially allocated to Bitcoin. Polymarket showed an 11% chance of approval for the proposal prior to the vote. The decision reflects a cautious stance toward cryptocurrency adoption among some major corporations.