Microsoft (MSFT) doesn’t appear to be adding its name anytime soon to the list of corporate entities holding bitcoin (BTC) after its shareholders voted against a proposal that would have directed the board of directors to study such a move.

Titled “Assessment of Investing in Bitcoin,” the proposal was put forward by the National Center for Public Policy Research. The think tank group suggested that Microsoft should consider diversifying 1% of its total assets into bitcoin as a potential hedge against inflation. According to the latest data by Bloomberg, Microsoft holds $78.4 billion of cash and marketable securities on its balance sheet.

The board last month had urged shareholders to vote against the proposal.

The preliminary vote result was announced minutes ago at the company’s annual meeting.

Shares of MSFT were trading for $446 in the minutes after the decision was announced, roughly flat for the day. Already under pressure on Tuesday, bitcoin prices fell a bit more following the news, now lower by 4% over the past 24 hours to $95,700.

A 3-minute presentation by Michael Saylor, executive chairman of Bitcoin Development Company MicroStrategy (MSTR), which has seen its stock price surge as much as 2,500% since adding bitcoin to the company’s treasury strategy more than four years ago, was meant to convince shareholders otherwise.

Saylor argued that Microsoft had surrendered $200 billion in capital over the past five years by issuing dividends and stock buybacks instead of purchasing bitcoin.

From the beginning, though, Microsoft’s board had concerns over bitcoin due to the inherent volatility of the asset. The company, according to the board, prioritizes stable and predictable investments to mitigate as much risk as possible.