tl;dr
Meta Platforms shareholders overwhelmingly rejected a proposal to add Bitcoin to the company's $72 billion cash reserves, with fewer than 0.1% voting in favor at the May 30 annual meeting. The resolution, submitted by Ethan Peck, aimed to hedge against inflation by converting some surplus cash into ...
Meta Platforms shareholders overwhelmingly rejected a proposal to add Bitcoin to the company's $72 billion cash reserves, with fewer than 0.1% voting in favor at the May 30 annual meeting. The resolution, submitted by Ethan Peck of the National Center for Public Policy Research, aimed to hedge against inflation by converting some surplus cash into Bitcoin, citing its price increase in 2024 compared to modest bond returns.
The vote count revealed 4.98 billion shares against the proposal, 3.92 million in favor, 8.86 million abstentions, and 204.77 million broker-withheld votes, signaling a decisive defeat. Despite public lobbying efforts—including outreach by Strive Asset Management CEO Matt Cole who directly urged CEO Mark Zuckerberg to adopt a “bold corporate Bitcoin treasury approach”—the initiative failed to gain traction.
This rejection underscores the persistent challenges that Bitcoin advocates face when seeking adoption by major U.S. corporations, especially large-cap firms with established treasury frameworks. Previous attempts to convince companies like Microsoft and Amazon also fell short, reflecting a broader hesitancy within blue-chip corporate boards to integrate cryptocurrencies into their financial strategies.
However, industry analysts like Bloomberg’s Eric Balchunas suggest Meta could eventually become the first U.S. megacap to hold Bitcoin, a move that would indicate growing acceptance of digital assets in corporate treasury management. As regulatory clarity around cryptocurrencies improves, pressure from advocates is expected to continue, encouraging top-tier companies to reconsider their digital-asset policies in the coming years.