Microsoft's board of directors disclosed the reasons for its refusal to invest in bitcoin in regulatory filings, arguing that the proposal was not necessary because the company was already considering multiple investment options. "As mentioned in the proposal itself, the volatility of bitcoin is a factor to consider when evaluating its investment as a corporate finance application, as businesses need stable and predictable investments to ensure liquidity and working capital," Microsoft noted. "Microsoft already has robust and appropriate processes in place to manage and diversify corporate finances for the long-term benefit of shareholders, so this proposal requiring a public assessment is not necessary." Microsoft added that past evaluations have included bitcoin and other cryptocurrencies as options for consideration, and it will continue to monitor cryptocurrency-related trends and developments to guide future decisions.