Dell rejects shareholder push to adopt BTC treasury, backed by SEC ruling on corporate financial discretion.
SEC sides with Dell, stating BTC allocation falls under management authority, not shareholder proposals.
Dell Technologies has declined a shareholder proposal urging the company to explore Bitcoin as part of its treasury strategy. The U.S. SEC endorsed Dell’s decision, citing corporate discretion over financial management.
The proposal, submitted by the National Center for Public Policy Research (NCPPR), argued Bitcoin could serve as an inflation hedge, pointing to examples like MicroStrategy’s allocation. Dell countered that such choices fall under routine business operations, not shareholder mandates.
Shareholders Push for Bitcoin, Dell Cites Flexibility Concerns
In early 2024, the NCPPR urged Dell to consider replacing portions of its cash reserves with Bitcoin. The group highlighted rising inflation and Bitcoin’s adoption by institutional investors, including BlackRock’s reported endorsement of small BTC allocations. Similar proposals were submitted to Meta, Amazon, and Microsoft, though none have adopted Bitcoin treasuries to date.
Dell formally requested the SEC omit the proposal from its 2025 shareholder meeting agenda. On May 8, the SEC agreed, stating corporate treasury management falls under “ordinary business operations” governed by executives, not shareholders. Dell emphasized that binding resolutions could restrict its ability to adapt to market conditions.
Michael Dell’s Bitcoin Tease Fails to Materialize
Last year, Dell CEO Michael Dell posted a meme on social media featuring Cookie Monster devouring Bitcoin, accompanied by a caption referencing “scarcity creating value.” The post sparked speculation about the company’s interest in cryptocurrency. However, Dell clarified it has no plans to allocate treasury funds to Bitcoin, though it continues monitoring market developments.
