Microsoft shareholders have voted against a proposal that would essentially force the tech giant’s board of directors to consider buying Bitcoin (BTC).
The resolution would have pushed the firm’s board of directors to “conduct an assessment to determine if diversifying the Company’s balance sheet by including Bitcoin is in the best long-term interests of shareholders.”
News of the no vote triggered another volatile move in the price of the leading crypto asset, with BTC dropping from a 24-hour high of $98,327 to as low as $94,386.
Bitcoin is at $95,251 at time of publishing.
Microsoft’s board had formally recommended shareholders vote against the proposal.
In an SEC 14A filing, the board said its approval would be unnecessary because the company already already “carefully considers this topic.”
“Microsoft has strong and appropriate processes in place to manage and diversify its corporate treasury for the long-term benefit of shareholders and this requested public assessment is unwarranted.”
Microsoft (MSFT) shares are down slightly on the day, dropping .076% at $445.68.
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