Microsoft backed away from Bitcoin, shareholders did not approve the investment

Microsoft, one of the big software companies, has decided not to invest in the most popular cryptocurrency Bitcoin. Shareholders of this company have voted against investing in Bitcoin. However, MicroStrategy, another software company, has significant investments in Bitcoin.

Recently, a proposal to assess investment in Bitcoin was presented to Microsoft shareholders. However, the company’s board had suggested the shareholders to vote against this proposal. Microsoft co-founder, Bill Gates is also against cryptocurrencies. He had expressed apprehension about speculation in cryptocurrencies and the risk of this segment. This company had explored the possibility of business in crypto and Web3 but it has not added Bitcoin or any other cryptocurrency to its balance sheet. About two years ago, Microsoft had listed the position of ‘Director of Business Development – Cryptocurrencies’. This indicated that it wanted to expand in blockchain technology. Microsoft has also invested in blockchain firm ConsenSys.

There has been a lot of growth in the crypto market since the victory of Donald Trump in the presidential election in America. Recently, Bitcoin, the largest cryptocurrency in terms of market value, had crossed the level of one lakh dollars. Institutional investors are also taking interest in this segment. Microstrategy has increased its Bitcoin holdings. This company has told the US Securities and Exchange Commission (SEC) in a filing that it has purchased approximately 21,550 bitcoins for approximately $ 2.1 billion between December 2 and 8. For this, an average price of $ 98,783 per bitcoin has been paid.

The company has sold shares worth more than two billion dollars for this purchase of Bitcoin. MicroStrategy’s executive chairman, Michael Saylor, said in a post on social media platform X that the company holds a total of 4,23,650 bitcoins. For this, the company’s average cost per bitcoin is approximately $60,324. Last month, the company purchased about 55,000 bitcoins worth about $5.4 billion. MicroStrategy purchased approximately $5.4 billion worth of bitcoins between November 18 and 24. For this, an average price of $ 97,862 per bitcoin was given.