The FIMA argued that the proposal would limit its flexibility, focusing on risk management.
The agency said that Bitcoin’s proposal is an ordinary commercial operation.
The American technological giant Dell rejected a shareholders proposal that sought to incorporate Bitcoin (BTC) to its treasury strategy, in a decision that was backed by the United States Stock Exchange and Securities Commission (SEC).
The proposal, presented by the National Center for Public Policies Research (NCPPR) on February 25, requested that Dell’s Board of Directors evaluate whether to add Bitcoin to his balance would be beneficial for shareholders, arguing that he could protect against inflation and align with the growing institutional support to the digital currency.
In one Letter sent to the SECDell’s legal team, represented by Hogan Lovells, argued that decisions on cash management and investments are exclusive responsibilities of management, not shareholders.
The company argued that the proposal represented an attempt to “micrognition” that would limit its strategic flexibility and complicate complex financial judgments. Then, the SEC, in an answer dated May 9, coincided with Dell, stating that the proposal refers to “ordinary commercial operations” and that I would not recommend coercive actions if Dell the omitted of its representation materials for the annual shareholders meeting this year.
The NCPPR, a group of washington -based experts, highlighted the institutional interest currently on Bitcoin, including a Blackrock recommendation to assign an exhibition of up to 2% in BTC.
He also pointed out Dell’s history with digital assets, such as his CEO’s comments, Michael Dell, in 2024, when he tweeted on scarcity as a source of value, as the Bitcoin community usually highlights it. However, Dell argued that decisions such as cash assignment, the payment of quarterly dividends and the repurchase of shares require a multifaceted analysis that management is better positioned to perform.
Dell appeals for caution in full race by Bitcoin
Dell’s decision reflects a cautious posture in the face of the adoption of digital assets in the corporate environment, in contrast to companies such as Microstrategy, Twenty One and, more recently, Nakamoto Holding, which are ready for join the great career of accumulation by BTC in his treasury.
The NCPPR has presented similar proposals to other companies, such as Meta, Amazon and Microsoft, with varied results. The exclusion of the proposal by Dell underlines a preference for traditional financial strategies, prioritizing risk management on volatile assets such as Bitcoin.
Interestingly, the support of the SC to the exclusion of Dell’s proposal is unexpected given the profile of the new president of the agency, Paul Atkins, ratified by the Senate on April 9, 2025 after being nominated by Donald Trump. ATKINS, excomised from the SEC (2002-2008) and founder of Pathomak Global Partners, is known for its support for digital assets, having represented Token Alliance (2017-2024).
That the SEC, under its direction, has supported Dell’s decision to reject Bitcoin suggests a pragmatic approach, prioritizing corporate autonomy on an immediate adoption of cryptoactive, which could generate debates about the regulatory course of digital currencies in the United States.
Also attracts attention that Dell has had an open position in favor of Bitcoinbeing one of the first large companies globally in accepting the digital currency as payment currency for its products on its web portal. In fact, in 2015, as Cryptonoticia reported at the time, a company spokesman declared that Dell described his experience with Bitcoin as “successful”. If we rely on the positive nature of these opinions, it was easy to infer that the American company would have wanted to be one of the first with a BTC reserve.
