Meta Shareholders Reject Proposal to Add Bitcoin to Balance Sheet

Meta Platforms Inc. (NASDAQ: META) shareholders have decisively rejected a proposal to allocate a portion of the company’s $72 billion in cash reserves to Bitcoin (BTC), according to a U.S. SEC filing dated May 28. Only 3.92 million votes supported the measure, while nearly 5 billion opposed it.

The proposal was submitted by Ethan Peck, Bitcoin director at Strive Asset Management, who advocated for using Bitcoin as a strategic reserve asset to hedge against inflation and central bank policy risks. Despite a growing corporate interest in crypto, Meta’s board and shareholders showed no interest in following companies like MicroStrategy in holding Bitcoin on their balance sheet.

Peck also submitted similar proposals to Microsoft (NASDAQ: MSFT) and Amazon (NASDAQ: AMZN), representing the National Center for Public Policy Research (NCPPR). Microsoft shareholders already rejected the motion, while Amazon’s vote is still pending.

Although Meta does not hold any digital assets, it has previously explored blockchain initiatives. In 2019, Meta launched Libra, a stablecoin backed by a mix of fiat currencies. The project faced intense regulatory scrutiny and ultimately failed in 2022 after being renamed Diem.

Meta’s long-term crypto strategy remains ambiguous. While its 2021 rebrand signaled a pivot to the metaverse, recent strategic shifts have shown a retreat from that vision. Still, earlier this year, reports indicated that Meta is considering the use of stablecoins for facilitating in-app payments.

Despite rejecting the Bitcoin proposal, Meta stock rose 3.5% on Monday, closing at $670.09 per share. The shareholder vote reflects broader skepticism among tech giants about integrating Bitcoin as a treasury asset.