Microsoft ( MSFT ) shareholders voted against adding Bitcoin to the company’s balance sheet on Tuesday.
The decision follows the board’s recommendation to vote against the proposal, citing Microsoft’s existing strategy of evaluating a diverse range of investable assets, including Bitcoin, as part of its broader investment framework.
The proposal, titled “Assessment of Investing in Bitcoin,” was submitted by the National Center for Public Policy Research, a conservative think tank that advocates for Bitcoin as an “excellent, if not the best, hedge against inflation.”
A vote in favor of the top cryptocurrency coin would’ve signaled shareholder optimism for more direct investments and confidence in Bitcoin. With this move, Microsoft would have joined the club of other tech firms, such as MicroStrategy ( MSTR ) and Tesla ( TSLA) , which have already made substantial investments in Bitcoin. Currently, MicroStrategy holds the largest corporate Bitcoin portfolio , with 402,000 coins valued at approximately $40 billion, representing a little less than 2% of the total Bitcoin supply.
The result is in-line with the stance of Microsoft co-founder Bill Gates, who has long been critical of cryptocurrencies . Gates has expressed concerns over crypto’s speculative nature and potential risks.
Earlier this month, Bitcoin surpassed the monumental $100,000 mark . The coin has also garnered support from prominent leaders such as President-elect Donald Trump and Russian President Vladimir Putin . On Monday, Amazon ( AMZN ) shareholders joined the chorus by proposing that the retail giant should allocate at least 5% of its balance sheet to Bitcoin , signaling a potential shift in corporate investment trends.
This is a breaking news story and will be updated.
For the latest news, Facebook , Twitter and Instagram .