Dell has officially rejected a shareholder proposal to include Bitcoin in the company's treasury. Dell stated in its response letter on May 9th that proposals that "delve into complex issues that prevent shareholders from making informed judgments and engage in improper micro management of the company" can be excluded. The statement of support for this proposal exposes the proposer's intention to micro manage the management's discretion in managing the company's cash and building investment structures. It advocates that Dell should consider replacing some of its cash and bonds with assets such as Bitcoin that can outperform inflation. But the staff has previously pointed out that regulating the company's investment form would improperly limit the management's discretion in ordinary business affairs. Whether requiring investment in cryptocurrency assets or divesting such assets, this proposal improperly restricts the autonomy of management and board of directors in company management.
