Microsoft’s (MSFT) shareholders have said “no” to Bitcoin (BTC).
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Michael Saylor, co-founder and current chair of software company turned serial Bitcoin acquirer MicroStrategy (MSTR), had been encouraging technology giant Microsoft to use some of its massive cash pile to invest in BTC.
However, after Saylor presented a proposal at Microsoft’s annual meeting on December 10, shareholders quickly voted against it in what’s being described as a resounding no. “Microsoft can’t afford to miss the next technology wave, and Bitcoin is that wave,” Saylor said in a video pitch to stockholders.
Putting Cash to Work
Microsoft is currently sitting on a $78.4 billion cash pile, and Saylor urged the company to put that money to work buying Bitcoin. He isn’t the only one telling Microsoft to acquire BTC. Microsoft previously notified its shareholders that the conservative think tank, the National Center for Public Policy Research, would submit a shareholder proposal recommending that the company add Bitcoin to its balance sheet.
However, Microsoft said in an October proxy filing that its investment team previously evaluated Bitcoin and other cryptocurrencies and concluded now is not the time to make such a purchase. The company said it, “continues to monitor trends and developments related to cryptocurrencies to inform future decision making.”
MSFT stock has gained 19% so far this year.
Is MSFT Stock a Buy?
The stock of Microsoft has a consensus Strong Buy rating among 29 Wall Street analysts. That rating is based on 26 Buy and three Hold ratings assigned in the last three months. The average MSFT price target of $497.36 implies 12.19% upside from current levels.
