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Meta shareholders rejected a proposal to include Bitcoin on its balance sheet. A proposal for a “Bitcoin treasury assessment” presented to shareholders received 3.92 million votes in favor, just 0.08% of the total; nearly 5 billion voted against it, according to a regulatory filing on May 28.

Additionally, a regulatory statement released in April noted that Meta CEO Mark Zuckerberg holds 61 percent of the company’s voting power, which may imply he voted against the proposal.

The lopsided vote followed a suggestion from Bitcoin advocate Ethan Peck, a shareholder, who proposed that Meta allocate a portion of its $72 billion cash and cash equivalents to Bitcoin (BTC), arguing that doing so would serve as a hedge against inflation.

He contended that “28 percent of Meta’s total assets are consistently diminishing shareholder value since cash is consistently devalued and bond yields are lower than the true inflation rate.”

Peck, the director of Bitcoin for Strive, a wealth management company, added that BlackRock, Meta’s second-largest shareholder, suggested that a 2 percent Bitcoin allocation is appropriate.

Peck made similar Bitcoin treasury proposals to Amazon and Microsoft on behalf of the National Center for Public Policy Research (NCPPR), a conservative think tank. Amazon shareholders are awaiting a vote on whether to allocate at least 5% of the company’s assets to Bitcoin, while Microsoft shareholders rejected Peck’s proposal in December.