如果产品包含质押功能，微软可能会考虑以太坊 ETF 投资

微软拒绝了比特币投资提议，但该公司可能愿意探索其他加密货币投资机会。

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.

据报道，微软拒绝了将比特币纳入其财务资产的提议，但该公司可能仍愿意探索其他加密货币投资机会。

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 数字资产研究主管 Matthew Sigel 表示，微软可能有兴趣投资以太坊 ETF，特别是如果该产品包含质押功能。

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 基于微软首席财务官艾米·胡德 (Amy Hood) 在周二的公司年度股东大会上发表的评论得出了这一结论，会上股东以压倒性多数投票反对采用比特币作为库存资产的提议。

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.

胡德在会议中提到，微软自 2014 年以来一直接受加密货币作为支付方式，并将加密货币视为一种资产类别。不过，她强调，公司的主要投资目标是流动性、资本保值和创收。

“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.”

“我们的财务团队与董事会一起进行审查，研究我们可用的所有资产类别。重要的是要记住我们的资产负债表标准和目标，对于现金余额来说，重要的是要保存资本，让大量流动性能够为我们的运营、合作伙伴关系和投资提供资金。”胡德说。 “因此，流动性对我们来说也是一个非常重要的标准，同时也是创收的标准。”

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，微软可能会被以太坊 ETF 所吸引，因为它允许他们参与以太坊质押并获得奖励。

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.”

当被要求进一步解释他的推理时，他指出，这家科技巨头相信加密货币的实用性，并且董事会“已经并将继续评估储备的数字资产”。

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

Sigel 还指出，提供收益的资产更有可能被微软考虑收购。

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

目前，由于监管机构担心质押服务可能是未注册的证券发行，美国的以太坊 ETF 均未包含质押功能。

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，证券监管机构可能愿意与即将上任的特朗普政府和 SEC 的新领导层讨论具有质押功能的以太坊 ETF。

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

SEC 专员 Hester Pierce 表示，可以重新审视有关 stake 和其他功能的讨论。