Meta Shareholders Reject Bitcoin Treasury Strategy in Resounding Vote

Ethan Peck, representing the National Center for Public Policy Research (NCPPR), submitted the proposal in January 2025. He advocated for Meta to allocate a portion of its substantial cash reserves—reported at $72 billion as of September 30, 2024—into Bitcoin. Peck argued that Bitcoin could serve as a hedge against inflation and declining bond yields, suggesting that the digital asset's fixed supply and historical performance make it a more reliable long-term store of value compared to traditional financial instruments.

The proposal also highlighted the growing institutional adoption of Bitcoin, referencing Strategy's significant Bitcoin holdings and BlackRock's endorsement of a 2% Bitcoin allocation. Peck noted informal signals of interest from Meta's leadership, such as CEO Mark Zuckerberg naming his goats "Bitcoin" and "Max," and board member Marc Andreessen's position on the board of Coinbase.

Meta's board of directors opposed the proposal, deeming it unnecessary given the company's existing treasury management processes. The board emphasized its commitment to capital preservation and liquidity to support operations, stating that it regularly evaluates a broad range of investable assets and did not see a need for a separate assessment focused on Bitcoin.

The shareholder vote reflected the board's stance, with an overwhelming majority rejecting the proposal. In addition to the 3.92 million votes in favor and nearly 5 billion against, there were approximately 8.9 million abstentions and nearly 205 million broker non-votes.

Meta's decision aligns with similar actions taken by other major tech firms. In December 2024, Microsoft shareholders voted down a comparable proposal to add Bitcoin to the company's balance sheet. Amazon has also faced shareholder proposals advocating for Bitcoin investments, but these have not gained significant traction.

Despite the growing interest in cryptocurrencies, many corporate boards remain cautious due to Bitcoin's volatility and regulatory uncertainties. While companies like Strategy have aggressively invested in Bitcoin, leading to significant stock performance, others prioritize financial stability and risk management.

While Meta does not currently hold cryptocurrencies on its balance sheet, the company has previously explored blockchain initiatives. In 2019, it announced Libra, a global stablecoin project backed by a basket of fiat currencies. That effort collapsed in 2022 after regulatory backlash and internal struggles, rebranding briefly as Diem before being shut down.

More recently, Meta has reportedly held early-stage discussions with crypto infrastructure firms about potential stablecoin integration to support global payments. The company has also been focusing on artificial intelligence, with reports indicating a prioritization of AI initiatives over cryptocurrency investments.

As of June 3, 2025, Meta's stock is trading at $670.90, reflecting investor confidence in the company's current financial strategies.

The rejection of the Bitcoin treasury proposal indicates that, for now, Meta and its shareholders prefer to maintain traditional financial practices over venturing into the volatile cryptocurrency market. While the company continues to explore blockchain technologies and other innovations, its current focus remains on capital preservation, liquidity, and strategic investments in areas like artificial intelligence.