MicroStrategy CEO Michael Saylor's proposal to convince Microsoft to invest in Bitcoin was rejected by shareholders. Despite the cryptocurrency's price surge, CFOs remain divided on Bitcoin's viability as a store of value.
Billionaire bitcoin investor Michael Saylor , co-founder of MicroStrategy, recently failed to convince Microsoft to hold crypto on its balance sheet. Despite the cryptocurrency's massive price increase this year and the prospect of a national bitcoin strategic reserve under the Trump administration, few companies hold any for financial reasons or accept it as a payment form, according to the Q4 CNBC CFO Council quarterly survey.
Chief financial officers have moderated in their view, with fewer survey respondents calling bitcoin a 'fraud' as compared to prior year surveys, but still rejecting the view it is a store of value rather than a speculative asset class. A CoinFlip Bitcoin ATM is seen in a gas station on December 9, 2024 in Pasadena, California. The price of BitCoin has skyrocketed following the U.S. Presidential election in the U.S. with the price of a single Bitcoin eclipsing the $100,000 mark last week for the first time. MicroStrategy, which has invested heavily in Bitcoin, had tried to persuade Microsoft to use some of its more than $78.42 billion in cash and cash equivalents on its balance sheet to buy bitcoin.The company's stock price has risen more than 410% this year, with the company holding about 423,650 bitcoins as of Dec. 8, holdings worth upwards of $42.3 billion. Saylor was backing conservative think tank The Free Enterprise Project, which submitted the shareholder proposal at Microsoft and has submitted a similar proposal to other large companies. Just 0.55% of votes at the company's annual meeting on Dec. 10 supported the plan. Microsoft, as well as proxy advisors Glass Lewis and Institutional Shareholder Services, had all suggested shareholders reject the proposal ahead of the vote.This comes as a new quarterly survey, released Thursday, found that more CFOs are open to the idea of Bitcoin. Asked their view about bitcoin, 78% of respondents to the survey said bitcoin is a highly speculative asset class, while only 7% said it is a credible store of value. But crypto is making some progress among CFOs when it comes to the general level of acceptance
FINANCE CRYPTOCURRENCY TECHNOLOGY Bitcoin Microstrategy Microsoft Michael Saylor Cfos
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