This is a segment from the Forward Guidance newsletter. To read full editions, subscribe . There was a proposal asking Microsoft’s board of directors to assess whether holding bitcoin on the company’s balance sheet would benefit shareholders long-term. Shareholders voted against it, the company revealed Tuesday. This wasn’t really a surprise, as the board had pushed for that result, giving the following rationale: Still, bitcoin bull Michael Saylor got some face time (sort of) with company directors and shareholders via a pre-recorded presentation played at today’s meeting. Saylor has creatively described bitcoin in many ways over the years — from an “apex property of the human race” to “a city in cyberspace that is 276 blocks wide, 276 blocks high [and] 276 blocks deep” (referencing its supply cap of 21 million). During the Microsoft presentation, the MicroStrategy founder referred to bitcoin as: “The greatest digital transformation of the 21st century” “A revolutionary advance in capital preservation” “Highest performing uncorrelated asset” “Outperforming Microsoft by 10x annually” “An asset without counterparty risk” “It makes a lot more sense to buy bitcoin than to buy your own stock back, or to hold bitcoin rather than holding bonds,” Saylor argued. The proposal rejection was not the result many in the crypto industry wanted. But Microsoft claims its management already carefully considers investing in bitcoin. And with more companies adopting BTC as a reserve asset , maybe the tech giant will follow suit another time. If nothing else, Saylor got to say his piece to a different audience. Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter . Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter . Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more. The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.
