Microsoft’s (MSFT) shareholders have rejected a proposal that would have seen the technology company add Bitcoin (BTC) to its balance sheet.
Michael Saylor, chair of software company turned serial Bitcoin acquirer MicroStrategy (MSTR), had been encouraging Microsoft to use some of its cash reserves to invest in BTC.
“Microsoft can’t afford to miss the next technology wave, and Bitcoin is that wave,” Saylor said in a video pitch to stockholders.
However, after Saylor presented his proposal at Microsoft’s annual meeting on Dec. 10, shareholders quickly voted against it.
Microsoft is currently sitting on a $78.4 billion U.S. cash pile, and Saylor urged the company to put that money to work buying Bitcoin.
He isn’t the only one telling Microsoft to acquire Bitcoin.
Conservative think tank, the National Center for Public Policy Research, submitted a shareholder proposal in October recommending the company add Bitcoin to its balance sheet.
However, Microsoft said in a proxy filing that its investment team has evaluated Bitcoin and other cryptocurrencies and concluded that now is not the time to make such a purchase.
Other technology companies, such as Amazon (AMZN), are also being pressured by some shareholders to use their cash reserves to acquire cryptocurrencies.
Microsoft’s stock has gained 20% so far this year to trade at $443.33 U.S. per share.