The perspectives of cash managers in corporate America regarding bitcoin are changing, according to a CNBC CFO Council Survey.

• Microsoft rejected Michael Saylor's proposal to include crypto on its balance sheet.
• Although the value of cryptocurrency has significantly risen this year and there is a possibility of a national bitcoin strategic reserve under the Trump administration, only a small number of companies keep any for financial reasons or use it as a payment method, according to the Q4 CNBC CFO Council survey.
• Bitcoin is no longer viewed as a fraud by as many survey respondents as in previous years, but it is still considered a speculative asset class rather than a store of value.

In recent months, billionaire investor Michael Saylor attempted to persuade to allocate some of its over $78.42 billion in cash and cash equivalents towards purchasing bitcoin.

The strategy has been highly profitable for Saylor and the company he co-founded. The company's stock price has increased by more than 410% this year, with the company holding approximately 423,650 bitcoins as of Dec. 8, holdings worth over $42.3 billion as bitcoin trades around $100,000. MicroStrategy acquired those holdings at an aggregate price of roughly $26.5 billion, according to the company.

The Nasdaq 100 and major ETFs tracking it, including the , have welcomed MicroStrategy as a new member on December 23.

Microsoft's shareholders rejected Saylor's proposal to convert cash flows, dividends, buybacks, and debt into bitcoin, with only 0.55% of votes supporting the plan. Microsoft and proxy advisors Glass Lewis and Institutional Shareholder Services had all advised shareholders to reject the proposal before the vote.

The latest CNBC CFO Council quarterly survey, released Thursday, shows that corporations and their shareholders are taking a more conservative stance on bitcoin, with 78% of respondents viewing it as a highly speculative asset class and only 7% seeing it as a credible store of value.

Crypto is gaining acceptance among CFOs, with only 11% of CFOs in the Q4 survey saying bitcoin is a fraud, a decrease compared to previous CNBC CFO Council surveys.

In 2017, 28% of CFOs reported that it was fraud, while in 2021, 19% responded similarly when asked the same question.

The percentage of people who did not view bitcoin as a fraud, store of value, or speculative asset class decreased from 30% in 2017 to 4% in the latest survey.

The Q4 CNBC CFO Council survey, conducted December 9–December 16, included 27 respondents and reflects a sampling of views from chief finance officers across the market and sectors.

According to Bitcoin Treasuries, three publicly traded companies hold more than 10,000 bitcoin: MicroStrategy, , and . Additionally, other crypto industry companies, such as and , disclose their crypto holdings.

Despite the growing focus on bitcoin across the political landscape and its price surge this year, there are very few non-crypto-focused public companies that disclose any holding, with only a few exceptions, such as the one that bought $1.5 billion in bitcoin in 2021.

Microsoft has already begun evaluating the use of cryptocurrencies for its operations and risk management, as stated in an October proxy filing. The company's treasury and investment services team has previously assessed the viability of bitcoin and other cryptocurrencies, and Microsoft continues to monitor the industry to inform its future decisions.

In 2014, the company began accepting cryptocurrency as a form of payment from customers.

A large number of CNBC CFO Council survey participants reported that their companies do not own or use cryptocurrencies, and do not accept them as payment.

The extent to which this corporate strategy will change due to the actions of the Trump administration is uncertain. President-elect Trump made several pro-crypto campaign promises, including advocating for the creation of a national strategic bitcoin reserve, which is now being supported by the Texas House of Representatives.

Trump stated to Cramer at the NYSE that they will do something great with crypto because they do not want China or anyone else to have an advantage, even though others are adopting it.

On CNBC's "Money Movers" on Monday, Saylor reiterated his support for bitcoin and cryptocurrencies and urged the U.S. government to permit banks and corporations to issue a dollar-backed token.

He stated that the United States has a great opportunity to become the issuer of the world's reserve digital currency.