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Meta shareholders reject proposal to add Bitcoin to treasury

Meta won’t buy Bitcoin as shareholders knock back treasury idea

Source: AI Generated

Meta shareholders have decisively voted down a proposal to evaluate whether the company should allocate part of its cash reserves into Bitcoin, signaling limited support for the tech giant to adopt the cryptocurrency as a treasury asset.

A regulatory filing dated May 28 revealed that the “Bitcoin treasury assessment” proposal received only 3.92 million votes in favour, just 0.08% of the total, while nearly 5 billion votes were cast against it. The overwhelming rejection followed a January proposal submitted by Bitcoin advocate Ethan Peck.

According to an April filing, Meta CEO Mark Zuckerberg controls approximately 61% of the company’s voting power, suggesting his influence may have been decisive in defeating the measure.

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Peck, who submitted the proposal on behalf of his family’s Meta shares, urged the company to consider investing a portion of its $72 billion in cash and cash equivalents into Bitcoin. He argued that traditional cash holdings are steadily losing value due to inflation and underperforming bond yields.

“Since cash is consistently being debased and bond yields are lower than the true inflation rate, 28% of Meta’s total assets are consistently diminishing shareholder value,” Peck wrote in his supporting statement.

Serving as Bitcoin Director at wealth management firm Strive, Peck also cited BlackRock’s guidance suggesting a 2% Bitcoin allocation could be prudent. Notably, BlackRock is Meta’s second-largest shareholder.

Broader push for Bitcoin treasuries falls short

This isn’t Peck’s first effort to push corporate Bitcoin adoption. Last year, he submitted similar proposals to Microsoft and Amazon through the conservative think tank National Center for Public Policy Research (NCPPR). Microsoft shareholders rejected the idea in December, while Amazon shareholders are still awaiting a vote on a proposal to allocate at least 5% of the company’s assets to Bitcoin.

Nick Cowan, CEO of fintech firm Valereum, told Cointelegraph in December that Amazon has historically been more open to adopting emerging technologies than many of its Big Tech peers. However, he added that the volatility of Bitcoin and its opportunity cost—compared to investments in research, development, or acquisitions—remain a concern for shareholders.

Corporate Bitcoin holdings on the rise

Despite the rejections from Meta and Microsoft, a growing number of publicly traded companies have embraced Bitcoin for their balance sheets.

According to data from BitcoinTreasuries.NET, 116 public firms now hold Bitcoin, with recent additions including GameStop and Swedish health tech company H100—both of which made their initial Bitcoin purchases last month.

MicroStrategy, led by Michael Saylor, remains the largest corporate Bitcoin holder, with 580,250 BTC valued at approximately $60.9 billion. Other major holders include Marathon Digital Holdings and Tesla, with each company maintaining over $1 billion in Bitcoin holdings.

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