Meta shareholders have decisively voted against a proposal urging the tech giant to adopt Bitcoin as part of its treasury strategy. The move, which suggested allocating a portion of Meta’s substantial $72 billion cash reserves into Bitcoin as a hedge against inflation, failed to gain traction among investors.
According to a recent filing with the U.S. Securities and Exchange Commission (SEC) dated May 28, only 3.92 million shares were cast in favor of the resolution, while nearly 5 billion shares voted against it — a clear sign of investor hesitation around adopting cryptocurrency as a reserve asset.
The proposal was introduced by Ethan Peck, a Bitcoin advocate and the Bitcoin Director at Strive Asset Management. Peck argued that Bitcoin could serve as a strategic hedge against monetary instability and inflation, positioning it as a modern alternative to traditional treasury management.
Despite the bold vision, shareholders opted to maintain the status quo, echoing similar decisions by other tech giants. Earlier this year, Microsoft shareholders also rejected a comparable proposal. A similar motion is still pending a vote at Amazon.
While Meta currently holds no cryptocurrency on its balance sheet, the company has explored blockchain in the past. Most notably, it launched the Libra stablecoin project in 2019, aiming to create a global digital currency backed by multiple fiat assets. However, the initiative faced intense regulatory scrutiny and was eventually rebranded as Diem before being shelved in 2022.
Meta’s foray into the metaverse and digital assets has also cooled recently. After rebranding from Facebook to Meta in 2021 to reflect its pivot towards immersive digital experiences, the company has since scaled back several components of its Web3 strategy. Nonetheless, reports earlier this year indicated that Meta was again exploring stablecoins to facilitate payments across its suite of applications.
On the market front, Meta shares closed 3.5% higher on Monday, trading at $670.09 per share, reflecting continued investor confidence in the company’s core business, despite ongoing debates over its long-term innovation strategies.
