Meta Shareholders Reject Bitcoin Treasury Strategy in Landslide Vote

Meta shareholders have overwhelmingly voted down a proposal that would have required the tech giant to consider adding Bitcoin to its corporate treasury. According to a May 28 filing with the U.S. Securities and Exchange Commission (SEC), the proposal received just 3.92 million votes in favor, amounting to a mere 0.08% of the total, while nearly 5 billion shares were cast against it.

The resolution, introduced by Bitcoin advocate Ethan Peck on behalf of the conservative think tank National Center for Public Policy Research (NCPPR), argued that Meta should allocate a portion of its $72 billion in cash and cash equivalents to Bitcoin. Peck, who also serves as the Bitcoin Director at Strive Asset Management, described the move as a strategic hedge against inflation and a means to preserve long-term value amid a volatile macroeconomic environment.

“Bitcoin offers an alternative to fiat exposure,” Peck noted in his original filing. “Given Meta’s substantial cash holdings, diversification into a decentralized, non-sovereign asset could serve as a protective buffer against monetary policy uncertainty.”

Despite these arguments, shareholder support was negligible. The outcome reflects a broader hesitation among large-cap tech firms to embrace Bitcoin as a treasury asset, even as high-profile corporations like Strategy (formerly MicroStrategy), GameStop, and Metaplanet have made sizable allocations.

Microsoft shareholders recently rejected a similar proposal from Peck, and Amazon’s vote on the matter is still pending. None of the companies has formally endorsed the concept of a Bitcoin treasury strategy.

While Meta has yet to adopt Bitcoin, it has explored blockchain applications in the past. In 2019, the company unveiled its ambitious Libra stablecoin project, which was later renamed Diem following regulatory pushback. Despite considerable investment, the initiative was ultimately shelved in early 2022. Since then, Meta’s blockchain ambitions have remained unclear, though earlier this year reports surfaced suggesting the firm is exploring stablecoin-based payment infrastructure for its family of apps, including WhatsApp and Instagram.

The proposal’s rejection also comes amid a broader wave of corporate Bitcoin adoption, with Strategy leading the pack with a $60B Bitcoin treasury. CEO Michael Saylor has repeatedly promoted Bitcoin as a digital property, urging companies and individuals alike to adopt it as a core part of their Bitcoin investment strategy.

But Meta’s stance shows that for most traditional shareholders, the appetite for such bold treasury moves is still lacking. Meta stock, however, remained unaffected by the vote, gaining 3.5% to close at $670.09 on Monday.

As the debate over corporate Bitcoin adoption continues, Meta’s decision sets a conservative tone, favoring stability and conventional cash management over the volatility and potential upside of Bitcoin wealth creation. Whether that will change as more companies embrace Bitcoin evangelism remains to be seen.

Editorial Note: This news article has been written with assistance from AI. Edited & fact-checked by the Editorial Team.

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