Microsoft shareholders voted against a proposal to explore adding Bitcoin to the company’s balance sheet during its annual meeting.

The proposal, introduced by the National Center for Public Policy Research, suggested diversifying 1% of Microsoft’s $78 billion in cash and marketable securities into Bitcoin as a hedge against inflation.

The company’s board had recommended shareholders reject the measure, citing concerns about Bitcoin’s volatility and emphasizing Microsoft’s preference for stable investments.

Michael Saylor, executive chairman of MicroStrategy, made a last-minute effort to support the proposal.

Saylor argued that Microsoft “had forfeited $200 billion in potential capital gains over the past five years by prioritizing dividends and stock buybacks instead of Bitcoin.”

The board maintained its position that Bitcoin’s volatility made it unsuitable for Microsoft’s investment strategy, which focuses on predictable and risk-averse investments.

Following the announcement, Microsoft shares remained flat at $446, while bitcoin dropped over 4% to $95,000 over the past 24 hours.