Coin World News Report:
In a filing with the U.S. Securities and Exchange Commission (SEC), tech giant Microsoft revealed that it is considering a proposal to invest in Bitcoin.
Microsoft explicitly disclosed that it is currently proposing an “evaluation of Bitcoin investment” and will vote on it at the shareholders’ meeting on December 10. However, the company further stated in the filing that the board recommends voting against this proposal.
Just In: According to a filing with the U.S. Securities and Exchange Commission, Microsoft will present a board resolution on the “evaluation of Bitcoin investment.” The board recommends shareholders vote against the proposal. pic.twitter.com/0WveygitH9
-TFTC (@TFTC21)
October 24, 2024
Vanguard Group and BlackRock are Microsoft’s shareholders. Vanguard Group is the largest institutional shareholder of Microsoft, holding 9% of the shares, followed by BlackRock, which holds 7.82%.
Data from TheBlock shows that with the launch of Bitcoin exchange-traded funds (ETFs), BlackRock has become one of the largest institutional participants in the cryptocurrency market, with over $26 billion in assets under management.
However, Vanguard, a $9.3 trillion asset management company, has been cautious about cryptocurrencies.
Earlier this year, after the debut of Bitcoin spot ETFs, Vanguard published a blog post announcing that it would not issue or provide ETFs related to cryptocurrencies to its clients.
“Vanguard has no plans to create a Vanguard Bitcoin ETF or other cryptocurrency-related products,” Vanguard wrote. “Furthermore, such products from other issuers will not be made available on our brokerage platform.”
Other major shareholders include Deutsche Bank, Capital Group, Morgan Stanley, JPMorgan, etc.
The publicly traded company currently holds 1.73% of BTC.
If Microsoft decides to invest in Bitcoin before December, this will not be the first time a publicly traded company has invested in the largest cryptocurrency asset.
According to Bitcoin Treasuries data, approximately 1.73% (worth $24.9 billion at the time of writing) of the Bitcoin supply is owned by publicly traded companies, with MicroStrategy holding the largest amount of 252,220 BTC.
After the news broke, the price of BTC rose 2.3% to $68,456.26.
