Meta Shareholders Overwhelmingly Reject Proposal to Add Bitcoin to Balance Sheet

Meta Shareholders Overwhelmingly Reject Proposal to Add Bitcoin to Balance Sheet

Meta shareholders have decisively rejected a proposal to assess whether the tech giant should allocate a portion of its treasury reserves to Bitcoin, according to a regulatory filing dated May 28.

The “Bitcoin treasury assessment” proposal garnered just 3.92 million votes in favor—amounting to a mere 0.08% of the total votes—while nearly 5 billion shareholders voted against it. Meta CEO Mark Zuckerberg, who holds 61% of the company’s voting power, appears to have opposed the measure.

The proposal was submitted in January by Bitcoin advocate Ethan Peck, who argued that investing part of Meta’s $72 billion in cash and cash equivalents into Bitcoin would help hedge against inflation. “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 said in his statement.

Peck, who serves as Bitcoin Director at Strive Asset Management, also cited that Meta’s second-largest shareholder, BlackRock, has previously recommended a 2% Bitcoin allocation as reasonable. He submitted the proposal on behalf of his family’s shares in Meta.

This is not the first time Peck has taken such an initiative. He submitted similar proposals to Microsoft and Amazon last year through the National Center for Public Policy Research (NCPPR), a conservative think tank. Microsoft shareholders rejected the proposal in December, while Amazon shareholders are yet to vote on a motion proposing at least a 5% Bitcoin allocation.

Nick Cowan, CEO of fintech company Valereum, noted in an earlier interview with Cointelegraph that Amazon has historically been more open to embracing emerging technologies and novel investment strategies than other tech giants. However, Cowan added that the volatility of Bitcoin could make it a less attractive alternative to traditional investments in research and development or acquisitions.

Despite rejections from Meta and Microsoft, corporate adoption of Bitcoin is gaining momentum. According to BitcoinTreasuries.net, 116 public companies now hold Bitcoin on their balance sheets. Recent entrants include GameStop and Swedish health tech firm H100, both of which made their first Bitcoin purchases last month.

Leading the pack is MicroStrategy, helmed by Bitcoin evangelist Michael Saylor, with holdings totaling 580,250 BTC—valued at approximately $60.9 billion. Other notable firms with over $1 billion in Bitcoin include Tesla and Marathon Digital Holdings.