Meta Platforms Inc. (NASDAQ: META) shareholders have overwhelmingly voted down a proposal to explore adding Bitcoin (BTC) to the company’s treasury strategy, effectively shutting the door on a potential shift toward crypto-based asset diversification.
The SEC filing on May 28 revealed that the motion received just 3.92 million votes in favor, representing a mere 0.08% of all votes cast. In stark contrast, nearly 5 billion votes were cast against the measure, reflecting a decisive rejection by investors.
Bitcoin as a Strategic Reserve Rejected
The proposal was introduced earlier this year by Ethan Peck, a prominent Bitcoin advocate and director at the wealth management firm Strive. Peck argued that Meta should convert a portion of its $72 billion in cash and cash equivalents into Bitcoin to hedge against inflation and monetary policy uncertainty.
“Bitcoin can serve as a long-term reserve asset,” Peck wrote in his filing. “It has a limited supply, global liquidity, and is resistant to debasement, unlike fiat currencies.”
However, shareholders were unconvinced, mirroring similar rejections of Peck’s Bitcoin treasury proposals at Microsoft (MSFT) and pending action at Amazon (AMZN). His proposals were filed on behalf of the National Center for Public Policy Research (NCPPR), a conservative think tank known for activism in corporate governance.
Meta’s Crypto History: Libra to Diem to Stablecoin Ambitions
Though Meta does not hold Bitcoin or other cryptocurrencies on its balance sheet, the company has experimented with blockchain technology in the past. Its most ambitious project, Libra—later rebranded Diem—aimed to launch a global stablecoin, but it ultimately folded in 2022 under regulatory pressure and internal friction.
In recent months, Meta’s broader crypto and metaverse strategy has become more ambiguous. After rebranding from Facebook to Meta in 2021 to emphasize virtual and digital innovation, the company has pulled back on its metaverse ambitions, focusing more on AI and profitability.
Nonetheless, rumors have circulated about Meta exploring stablecoin-based payment systems to streamline transactions across its platforms, including Facebook, Instagram, and WhatsApp.
Outlook
While Bitcoin remains off Meta’s balance sheet for now, the company’s vast liquidity reserve and tech-forward DNA leave the door open to future crypto integration. For now, investors appear more comfortable with Meta’s traditional capital strategy, especially amid ongoing macroeconomic volatility.
Meta shares closed up 3.5% at $670.09 following the announcement.