Microsoft shareholders have voted down a proposal to explore adding Bitcoin to the company's balance sheet during its annual meeting.
The proposal, introduced by the National Center for Public Policy Research, suggested allocating 1% of Microsoft's $78 billion in cash and marketable securities to Bitcoin as a hedge against inflation.
However, the company's board had recommended rejecting the measure, citing concerns about Bitcoin's volatility and emphasizing Microsoft's preference for stable investments.
Despite a last-minute effort by MicroStrategy executive chairman Michael Saylor to support the proposal, the board maintained its position that Bitcoin's volatility made it unsuitable for Microsoft's investment strategy.