The lawsuit, originally filed in 2018 by a group of Nvidia shareholders, accuses the chipmaker of concealing over $1 billion in revenue tied to sales to crypto miners. The shareholders claim Nvidia’s CEO, Jensen Huang, downplayed the role of cryptocurrency demand in boosting GPU sales.
The motion, led by Mayor Ken Sim, was passed during a City Council Standing Committee meeting, initiating a feasibility study on accepting taxes and fees in Bitcoin and converting a portion of the city’s financial reserves into the cryptocurrency.
Seyffart noted that the potential addition could attract at least $2.1 billion in share purchases by exchange-traded funds (ETFs), accounting for approximately 20% of MicroStrategy’s daily trading volume.
Microsoft's board deemed the proposal “unnecessary,” emphasizing the company’s existing processes to manage and diversify its corporate treasury.
The shareholders also pointed to Bitcoin’s significant returns as evidence of its potential. Over the past year, Bitcoin has grown by 131%, far outpacing corporate bond growth, which averaged 126%.
