Meta Platforms shareholders have made a decision to reject a proposal that would have seen the company add Bitcoin to its substantial $72 billion cash reserves. The vote, which took place at the annual meeting on May 30, saw 4.98 billion shares voted against the measure, with only 3.92 million in favor.
Abstentions accounted for 8.86 million shares, while brokers chose to withhold votes on 204.77 million shares. With less than 0.1% of the total votes cast in favor of the proposal, it fell significantly short of the required threshold for passage.
The proposal, put forward by Ethan Peck of the National Center for Public Policy Research, aimed to address concerns about the effectiveness of bonds by suggesting that Meta convert a portion of its surplus cash into Bitcoin. Peck highlighted Bitcoin as an inflation hedge, pointing to its price appreciation in 2024 compared to modest bond returns.
Prior to the vote, Strive Asset Management CEO Matt Cole publicly urged Meta CEO Mark Zuckerberg to adopt a “bold corporate Bitcoin treasury approach” during the 2025 Bitcoin Conference. He endorsed a “yes” vote on Proposal 13, emphasizing the potential benefits of incorporating Bitcoin into Meta’s financial strategy.
Bloomberg senior ETF analyst Eric Balchunas also weighed in on the matter, suggesting that Meta could potentially become the first US megacap company to embrace Bitcoin in this cycle. He posited that such a move would signal a broader acceptance of cryptocurrencies among large corporations.
Despite the efforts of advocates like Cole and Balchunas, the vote result indicates that Meta’s treasury will remain unchanged for now. Nevertheless, it underscores the ongoing efforts of crypto proponents to encourage major US companies to reconsider their stance on digital assets as regulatory clarity in the space improves.
The rejection of the Bitcoin treasury proposal by Meta’s shareholders serves as a reminder of the challenges faced by advocates seeking to influence the financial strategies of large-cap firms with traditional treasury frameworks. As the landscape of digital assets continues to evolve, it is likely that discussions around incorporating cryptocurrencies into corporate treasuries will persist.
Overall, the outcome of the vote signals that the dialogue between crypto advocates and corporate boards is far from over, with potential opportunities for revisiting digital asset policies on the horizon as the regulatory environment becomes more defined.