Microsoft shareholders rejected a proposal for the company to possibly invest in bitcoin.
The proposal, submitted by the National Center for Public Policy Research, suggested that adding bitcoin to Microsoft's balance sheet could serve as an inflation hedge and diversify the firm's treasury.
However, the board recommended voting against the proposal, stating they already consider cryptocurrency investments but prefer less volatile assets.
MicroStrategy's Michael Saylor, who spoke on behalf of the proposal, failed to convince investors during the meeting.