Two days later, Microsoft, holding $784 billion, will decide whether to invest in BTC

By: blockbeats|2024/12/09 14:45:01

Original Article Title: "After 36 Hours, Microsoft Holding $78.4 Billion Will Decide Whether to Invest in BTC"

Original Article Author: Azuma, Odaily Planet Daily

On December 10th at 8:30 AM PST (December 11th at 0:30 AM Beijing Time), Microsoft will advance a significant shareholder proposal regarding Bitcoin—namely, to assess through a shareholder vote whether adding Bitcoin to the balance sheet is in the long-term interests of the shareholders. With BTC hovering around $100,000, this vote is widely regarded by the market as another key event this week that will impact the cryptocurrency market, in addition to the CPI and the situation in South Korea.

Background of the Proposal

The shareholder proposal was initially submitted by the American conservative think tank, the National Center for Public Policy Research (NCPPR).

At that time, NCPPR's rationale was that during a period of ongoing inflation, a company's success depends not only on its operational performance but also on its profit preservation. According to the Consumer Price Index (CPI), the average inflation rate in the United States over the past four years has been 5% (NCPPR believes the actual inflation rate may be higher). Therefore, in addition to increasing profits, companies have a fiduciary responsibility to protect profits from devaluation. However, as Microsoft has most of its assets invested in US government securities and corporate bonds, it has not been able to effectively protect its assets from devaluation.

NCPPR emphasized in the proposal that although Bitcoin has a certain level of volatility, "Bitcoin is still an excellent, even the best, hedge against inflation," therefore recommending that Microsoft consider allocating at least 1% of its assets to Bitcoin.

According to documents now filed with the US Securities and Exchange Commission (SEC), the proposal is expected to be subject to shareholder voting on December 10th, along with several other proposals.

Will the Vote Pass?

While the cryptocurrency community is highly anticipating this vote, the approval of the proposal by Microsoft's shareholders still remains uncertain, considering the current situation.

In the documents submitted to the SEC, the Microsoft board of directors clearly expressed opposition to the proposal, citing that the Microsoft management had previously evaluated this topic but believed that corporate funds require stable and predictable investments to ensure liquidity and operational capital.

While the upper echelon has already made its stance clear, key organizations/personalities supporting this proposal are actively advocating for it, attempting to drive the proposal's implementation.

On one hand, BlackRock, holding a 7% stake in Microsoft, is expected to directly participate in the vote with a high likelihood of casting a supporting vote; MicroStrategy's co-founder Michael Saylor has also presented a 44-page PPT to Microsoft's CEO Satya Nadella and board, emphasizing the changing Bitcoin regulatory landscape in hopes of influencing Microsoft's top management.

On the other hand, atop the Reddit forums known for their radical inclinations, there is a significant number of proposal supporters actively urging Microsoft's mid and small-scale shareholders to cast affirmative votes.

However, despite these efforts, the market outlook for the proposal's approval remains bleak. Real-time prediction market data from Polymarket indicates a mere 13% probability of the proposal's success.

Two days later, Microsoft, holding $784 billion, will decide whether to invest in BTC

If Approved, How Significant Would the Potential Buy-side Pressure Be?

Although the voting outcome remains uncertain, we can still glean an initial insight into how much buying power Microsoft could wield to purchase BTC postulated if the proposal goes through by examining Microsoft's reserves.

According to Macrotrends data, as of September 30, 2024, Microsoft's cash reserves amount to $78.428 billion.

This implies that if the proposal is successfully approved and the funds are allocated as suggested by NCPPR, at least 1% of the funds, this would translate to a buy-side pressure of at least $7.8 billion.

NCPPR Continues Its Efforts, Is Amazon Next After Microsoft?

This morning, NCPPR once again submitted a similar shareholder proposal to another tech behemoth, Amazon, proposing Amazon evaluate incorporating Bitcoin into the company's asset reserves. This time, NCPPR suggests Amazon allocate at least 5% of its total assets.

CZ also commented on this development through his personal X account, inquiring when Amazon would start accepting Bitcoin payments.

While the SEC has not yet outlined the progression of this proposal, Jubilee Royalty's founder and CEO Tim Kotzman has stated that the related announcement is expected to be made in April 2025 and may be deliberated at the 2025 annual shareholders' meeting.

From the already involved MicroStrategy and Tesla, to the potentially involved Microsoft and Amazon, the pace of Bitcoin's expansion into the mainstream world seems to be accelerating. Although the upcoming Microsoft event is unlikely to immediately endorse this vote, from a trend perspective, it may just be a matter of time.

Original Article Link

On March 16, 2026, in Dallas, Texas, USA, CanGu Company (New York Stock Exchange code: CANG, hereinafter referred to as "CanGu" or the "Company") today announced its unaudited financial performance for the fourth quarter and full year ended December 31, 2025. As a btc-42">bitcoin mining enterprise relying on a globally operated layout and dedicated to building an integrated energy and AI computing power platform, CanGu is actively advancing its business transformation and infrastructure development.

2025 Full Year and Fourth Quarter Financial and Operational Highlights

• Financial Performance:

Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.

Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.

Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.

• Mining Operations and Costs:

A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.

The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;

The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.

As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.

• Strategic Progress:

The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.

CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."

"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."

The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."

Fourth Quarter 2025 Ongoing Operations Financial Performance

Revenue

The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.

Operating Costs and Expenses

The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.

This includes:

· Cost of Revenue (excluding depreciation): $1.553 billion

· Cost of Revenue (depreciation): $38.1 million

· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)

· Mining Machine Impairment Loss: $81.4 million

· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million

Profit Situation

The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.

The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.

The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.

Full Year 2025 Ongoing Operations Financial Performance

Revenue

The total revenue for the full year was $6.881 billion. Of this, the revenue from the Bitcoin mining business was $6.755 billion, with a total output of 6,594.6 Bitcoins for the year. Revenue from the international automobile trading business was $9.8 million.

Operating Costs and Expenses

The total annual operating costs and expenses amount to $1.1 billion.

Specifically, they include:

· Revenue Cost (excluding depreciation): $543.3 million

· Revenue Cost (depreciation): $116.6 million

· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)

· Miner Impairment Loss: $338.3 million

· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million

Profitability

The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.

The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.

Financial Position

As of December 31, 2025, the company's key assets and liabilities are as follows:

· Cash and Cash Equivalents: $41.2 million

· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million

· Miner Net Value: $248.7 million

· Long-Term Debt (related party): $557.6 million

In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.

Stock Repurchase

As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.

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