如果產品包含質押功能，微軟可能會考慮以太坊 ETF 投資

微軟拒絕了比特幣投資提議，但該公司可能願意探索其他加密貨幣投資機會。

Microsoft has reportedly turned down a proposal to include Bitcoin in its treasury assets, but the company may still be open to exploring other cryptocurrency investment opportunities.

據報道，微軟拒絕了將比特幣納入其財務資產的提議，但該公司可能仍願意探索其他加密貨幣投資機會。

According to Matthew Sigel, head of digital assets research at VanEck, Microsoft could be interested in investing in an Ethereum ETF, especially if the product includes a staking feature.

VanEck 數位資產研究主管 Matthew Sigel 表示，微軟可能有興趣投資以太幣 ETF，特別是如果該產品包含質押功能。

Sigel arrived at this conclusion based on a comment made by Amy Hood, Microsoft’s Chief Financial Officer, during the company’s annual shareholder meeting on Tuesday, where shareholders overwhelmingly voted against a proposal to adopt Bitcoin as a treasury asset.

Sigel 基於微軟財務長艾米·胡德(Amy Hood) 在周二的公司年度股東大會上發表的評論得出了這一結論，會上股東以壓倒性多數投票反對採用比特幣作為庫存資產的提議。

During the meeting, Hood mentioned that Microsoft has been accepting cryptocurrency as a payment method since 2014 and has considered crypto as an asset class. However, she emphasized that the company’s primary investment objectives are liquidity, capital preservation, and income generation.

會議期間，Hood 提到，微軟自 2014 年以來一直接受加密貨幣作為支付方式，並將加密貨幣視為資產類別。不過，她強調，公司的主要投資目標是流動性、資本保值和創收。

“Our treasury team, along with reviews with the Board of Directors, looks at all the asset classes available to us. It’s important to remember our criteria and our goals of our balance sheet and for the cash balances, importantly, is to preserve capital, to allow a lot of liquidity to be able to fund our operations and partnerships and investments,” Hood said. “So liquidity is also a really important criteria for us, as well as generating income.”

「我們的財務團隊與董事會一起進行審查，研究我們可用的所有資產類別。重要的是要記住我們的資產負債表標準和目標，對於現金餘額來說，重要的是要保存資本，讓大量流動性能夠為我們的營運、合作夥伴關係和投資提供資金。 。 “因此，流動性對我們來說也是一個非常重要的標準，同時也是創造收入的標準。”

Sigel suggested that Microsoft may be drawn to an Ethereum ETF that allows them to participate in Ethereum staking and earn rewards.

Sigel 表示，微軟可能會被以太坊 ETF 所吸引，該 ETF 允許他們參與以太坊質押並獲得獎勵。

When asked to further explain his reasoning, he pointed out that the tech giant believes in the utility of crypto and that the board “has already and will continue to evaluate digital assets for the reserve.”

當被要求進一步解釋他的推理時，他指出，這家科技巨頭相信加密貨幣的實用性，並且董事會「已經並將繼續評估儲備的數位資產」。

Sigel also noted that assets that provide yield are more likely to be considered for acquisition by Microsoft.

Sigel 也指出，提供收益的資產更有可能被微軟考慮收購。

Currently, no US-based Ethereum ETFs include staking features due to regulatory concerns about staking services potentially being unregistered securities offerings.

目前，由於監管機構擔心質押服務可能是未註冊的證券發行，美國的以太坊 ETF 均未包含質押功能。

However, the securities regulator may be open to discussing Ethereum ETFs with staking capabilities with the incoming Trump administration and the anticipated new leadership at the SEC.

然而，證券監管機構可能願意與即將上任的川普政府和 SEC 的新領導層討論具有質押功能的以太坊 ETF。

SEC Commissioner Hester Pierce has indicated that discussions around staking and other features could be revisited.

SEC 專員 Hester Pierce 表示，可以重新審視有關 stake 和其他功能的討論。