Microsoft (MSFT  ) shareholders voted against a proposal urging the company to study adding Bitcoin to its balance sheet, effectively ending discussions about the tech giant joining other corporates with Bitcoin holdings.

The vote, announced during Microsoft's annual meeting, came after the board advised shareholders to reject the idea.

The motion, titled "Assessment of Investing in Bitcoin," was submitted by the National Center for Public Policy Research, a conservative think tank.

It proposed Microsoft diversify 1% of its $78.4 billion in cash and marketable securities into Bitcoin as a hedge against inflation.

The board expressed concerns over Bitcoin's volatility and maintained its focus on stable and predictable investments.

Michael Saylor, executive chairman of MicroStrategy (MSTR  ), made a brief but pointed case during the meeting to sway shareholders.

His company, which adopted Bitcoin as part of its treasury strategy more than four years ago, has seen its stock skyrocket by 2,500% during that period.

Saylor argued Microsoft had missed an opportunity to build significant value, claiming the company forfeited $200 billion in capital by choosing stock buybacks and dividends over investing in Bitcoin.

Despite Saylor's remarks, Microsoft's board emphasized that Bitcoin's unpredictable price movements made it incompatible with the company's investment approach, which prioritizes minimizing risk.