1. Project Overview
Microsoft is one of the largest software and cloud computing companies in the world, currently focusing on growth areas such as Azure cloud and AI products like Copilot. MSFTB is a tokenized security corresponding to Microsoft’s common stock and belongs to the Binance bStocks series. The issuer is BTech Holdings Limited, an affiliate of Binance Group, and the token operates on the BNB Smart Chain with a contract address of 0x80106cb3ead06659a5ad19df39d9b4733863b9b0.
As for the underlying stock, Microsoft is listed on the Nasdaq Global Select Market under the ticker MSFT, with a closing price of $531.87 on October 20, 2026. As of October 21, 2026, the company's total market capitalization is approximately $3.93 trillion. Regarding the token, as of October 21, 2026, the on-chain total supply of MSFTB is approximately 7,831 tokens, with a market cap of about $4.15 million based on Hotcoin prices.
On October 21, 2026, at 19:03 (UTC+8), MSFTB quoted at 529.77 USDT on Hotcoin, a 24-hour drop of 1.20%. At the same time, MSFT pre-market quoted at $529.39. The token price is approximately 0.07% higher than the pre-market price, but about 0.40% lower than the previous trading day's closing price.
2. Project Introduction
Microsoft was founded in 1975 and is headquartered in Redmond, Washington. The company started with operating systems and office software, and now its business covers cloud computing, productivity software, enterprise applications, gaming, search advertising, and end-user devices. As of June 30, 2026, the company has approximately 223,000 full-time employees.
In the fiscal year 2026 (from July 2025 to June 2026), Microsoft's revenue was $331.8 billion, up 18% year-on-year. Azure's annual revenue exceeded $100 billion for the first time, making it second only to Amazon AWS. In the AI field, Microsoft has three roles: providing computing power to model companies, being a long-term partner of OpenAI, and bringing AI into the office environment through Copilot.
3. Products and Technologies
Starting in the fiscal year 2027, Microsoft will change its report segments from three to two: "Intelligent Cloud and Infrastructure" and "Devices and Consumer." According to the company’s restated data, the former's revenue for the fiscal year 2026 was $268.1 billion, accounting for approximately 81% of total revenue, which includes Azure, Microsoft 365 cloud, and software licenses; the latter's revenue was $63.7 billion, including Windows, Xbox, and search advertising. After restatement, the fiscal year 2026 revenue for Azure and Microsoft 365 cloud was approximately $101.9 billion and $100.3 billion, respectively.
In terms of products, the paid seats for Microsoft 365 Copilot have exceeded 30 million. Regarding chips, Microsoft launched the third-generation self-developed AI chip Maia in October, after which inference workloads will primarily be handled by self-developed chips, with Maia 300 planned for production in 2027.
As for the token mechanism, according to the issuer’s explanation, each bStock is supported 1:1 by corresponding shares held by a regulated custodian. Verification can be done on the Proof of Collateral page. Within the Binance ecosystem, the underlying stock and MSFTB can be exchanged on a 1:1 basis without conversion fees. The price anchoring relies mainly on this custodian and conversion mechanism. Whether Hotcoin users can redeem directly is subject to the official announcement from Hotcoin.
4. Economic Model
Microsoft's revenue primarily comes from cloud service subscriptions, consumption-based billing, software licensing, as well as consumer businesses like advertising and gaming.
In the fourth quarter of fiscal year 2026 (April to June 2026), Microsoft reported revenue of $90.01 billion, an 18% year-on-year increase. Operating profit was $40.6 billion, also an 18% increase year-on-year. GAAP net profit was $35.77 billion, a 31% increase year-on-year, which included $3.2 billion in earnings from investment in Anthropic. GAAP diluted earnings per share were $4.81, and non-GAAP earnings per share were $4.74. Gross margin was approximately 67.2%, lower than about 68.6% in the same period last year. Microsoft Cloud revenue was $59.3 billion, a 27% year-on-year growth. Azure and other cloud services grew 43%. Commercial remaining performance obligations reached $678 billion, an 84% increase year-on-year. According to LSEG data quoted by CNBC, the market initially expected revenue of $87.62 billion and adjusted earnings per share of $4.24, both of which exceeded expectations.
In terms of guidance, the company expects first-quarter revenue for fiscal year 2027 to be between $89.85 billion and $90.95 billion, with Azure expected to grow 44% to 45% at constant currency (new metrics). As of October 21, consolidated revenue consensus expected for the quarter according to Yahoo Finance is $90.72 billion. Based on the closing price on October 20, the price-to-earnings ratio is 29.63 times, and the forward price-to-earnings ratio is 26.91 times.
Regarding shareholder returns, in the fourth quarter, the company returned a total of $10.2 billion through dividends and buybacks. In September, the board increased the quarterly dividend by 8% to $0.98 per share.
On the token level, after the dividends from the underlying stock are subject to the U.S. withholding tax (currently 30%), they will be reinvested on-chain into more MSFTB. The Microsoft dividend from August 2026 was processed this way, during which conversion and deposit/withdrawal were suspended. Stock splits were also handled through the Multiplier.
5. Team and Investors
Core Management Team: Satya Nadella joined Microsoft in 1992 and has served as CEO since February 2014, also serving as Chairman since June 2021. Amy Hood serves as Executive Vice President and CFO, Brad Smith serves as Vice Chairman and President, Judson Althoff serves as CEO of Microsoft Business Solutions, and Takeshi Numoto serves as Chief Marketing Officer.
Shareholder Structure: Institutions hold approximately 75.80%, and insiders hold about 0.08%. As of the 13F data on June 30, 2026, the five largest institutional shareholders are BlackRock (8.18%), Vanguard (6.53%), State Street (4.25%), Geode (2.55%), and FMR (2.50%).
6. Roadmap
Financial Reports: Microsoft has officially announced that the financial report for the first quarter of fiscal year 2027 will be released after the close of U.S. markets on October 28, 2026, with a conference call starting at 2:30 PM Pacific Time. This will be the company's first disclosure of performance according to the new segment structure.
Investments: Capital expenditures and financing leases for the fourth quarter were approximately $41 billion, a 69% year-on-year increase. The CFO stated that capital expenditures will continue to grow in fiscal year 2027, while free cash flow for the fiscal year is expected to be positive.
Products: Paid seats for Copilot have increased from over 20 million in April to more than 30 million; the self-developed chip Maia 300 is planned to go into production in 2027.
Shareholder Matters: The annual shareholder meeting is scheduled to be held online on December 8; the next dividend record date is November 19.
7. Risks and Opportunities
Company-Level Risks: First, there is the risk of returns on capital expenditures. In fiscal year 2026, capital expenditures for property and equipment were $115.9 billion. The 10-K indicates that such investments are large in scale, occur rapidly, and precede revenue; thus, revenues may not meet expectations. Limitations on electricity and chip supply may also slow down data center expansion. Second, there is the risk of customer concentration and AI competition. According to a report from CNBC, approximately 45% of the commercial remaining performance obligations disclosed by Microsoft in January were related to OpenAI. Additionally, products from companies like Anthropic heighten market concerns about AI replacing traditional software. Third, there are regulatory risks. The UK CMA proposed on October 16 that Microsoft has a "strategic market position" in the enterprise software ecosystem, with a deadline for the final decision set for February 13, 2027.
Token-Level Risks: First, there are no shareholder rights. bStocks are legally certificates representing financial instruments, not shares; holders do not directly own Microsoft shares, and the product is also not available to U.S. persons. Dividends are subject to a 30% withholding tax before reinvestment. Second, there are risks related to the issuer, custody, and liquidity. The value of the token depends on BTech and the custodian’s ability to meet obligations. The 1:1 conversion channel will be paused during company actions within the Binance ecosystem. The on-chain total supply of MSFTB is approximately 7,831 tokens, with a market cap of about $4.15 million, significantly smaller than the scale of the underlying stock, and prices may temporarily deviate from the underlying stock.
Opportunities: First, Azure's growth rate improved from 40% in the third quarter to 43% in the fourth quarter, with the company’s guidance for the next quarter being 44% to 45%. Second, the $678 billion in commercial remaining performance obligations provides high visibility for future revenues. Third, the tokenization form allows eligible non-U.S. users to gain price exposure to Microsoft using USDT.
8. Conclusion
Microsoft's recent quarterly revenue increased by 18%, with Azure’s growth rate rebounding to 43%, and capital expenditures continuing to expand. Future attention is needed on the return rhythm of AI investments, the relationship with OpenAI, and regulatory progress in places like the UK. MSFTB provides a 1:1 custodial on-chain price exposure, but holders do not enjoy shareholder rights and must bear the issuer and liquidity risks.
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