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BlackRock set to vote on Microsoft's Bitcoin proposal

BlackRock set to vote on Microsoft's Bitcoin proposal

GrafaGrafa2024/10/29 17:00
By:Mahathir Bayena

BlackRock is set to vote on a proposal at Microsoft’s December 10 shareholder meeting that urges the tech company to allocate at least 1% of its assets to Bitcoin (CRYPTO:BTC) as a treasury hedge. 

The proposal, introduced by the National Center for Public Policy Research, suggests that this move could protect against inflation risks and diversify Microsoft’s asset holdings. 

The proposal states, “Microsoft could enhance shareholder value by diversifying its treasury holdings with Bitcoin, given rising inflation concerns.”

Investor Fred Krueger highlighted BlackRock’s influence on social media platform X, pointing out that the asset manager owns approximately 7% of Microsoft. 

He noted, “Blackrock owns 7% of MSFT, second only to Vanguard.” 

Krueger also explained BlackRock’s voting role: “They exercise their voting rights on various issues such as the election of board members, executive compensation, mergers and acquisitions, and other corporate policies. 

Their voting decisions are guided by their fiduciary duty to act in the best interests of their clients, who are the actual owners of the shares they manage.”

BlackRock CEO Larry Fink has previously shared his views on Bitcoin, describing himself as “a big believer” and calling Bitcoin “bigger than any government.” 

Fink further noted that Bitcoin is “a commodity rivaling gold.”

According to Microsoft’s filing with the SEC, Proposal 5 argues that traditional assets like U.S. government securities and bonds may not keep up with rising inflation, while Bitcoin’s past performance demonstrates its potential as a hedge. 

It highlights that Bitcoin rose 99.7% over the past year and 414% over the past five years, significantly outpacing corporate bonds. 

Nonetheless, Microsoft’s board has advised shareholders to reject the proposal, emphasizing that Bitcoin’s volatility “undermines stable treasury management.”

At the time of reporting, the Bitcoin price was $70,066.97.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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