Meta rejects proposal to evaluate Bitcoin as treasury reserve

• Meta Shareholders Veto Bitcoin on Corporate Balance Sheet
• Proposal suggested Bitcoin as a hedge against inflation
• Meta targets stablecoins and AI in new crypto tests

During its annual shareholders’ meeting this week, Meta Platforms rejected a proposal that recommended evaluating Bitcoin as part of the company’s financial reserves. The proposal was presented by Ethan Peck, a representative of the National Center for Public Policy Research (NCPPR), and aimed to analyze whether converting part of the company’s liquid assets into Bitcoin would be beneficial to shareholders.

The measure was soundly defeated, garnering nearly 5 billion votes against. Another 8,9 million shares were abstained, while approximately 205 million votes were uninformed by brokers. The document suggested that Meta’s $72 billion in cash and securities would be losing value due to inflation, arguing that Bitcoin is a more efficient alternative due to its programmed scarcity and historical appreciation.

Meta Platforms Shareholders Vote Against Bitcoin Treasury Assessment Proposal pic.twitter.com/ZeIrUHq2OK

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The text also highlighted recent moves that reinforce the institutional use of Bitcoin, citing the allocation suggested by BlackRock, acquisitions by MicroStrategy and speculation about possible public reserves of Bitcoin in the US starting in 2025. The author also mentioned signs of informal interest on the part of Meta's leadership, such as Zuckerberg's goats named “Bitcoin” and “Max”, in addition to the presence of Marc Andreessen — who serves on the board of Coinbase — on the company's board.

Still, Meta’s board recommended a no vote. In response, it stated that it already has a robust treasury management model in place, with a focus on liquidity and capital preservation, and that it sees no need for a specific assessment for Bitcoin. “While we are not opining on the merits of cryptocurrency investments versus other assets, we believe that the requested assessment is unnecessary given our existing processes for managing our corporate treasury,” the board stated.

Despite the rejection, the NCPPR also submitted similar proposals to Microsoft and Amazon, both of which were also rejected. However, the number of listed companies that are incorporating Bitcoin into their treasury strategies is growing, and initiatives aimed at crypto accumulation and infrastructure continue to gain momentum.

On the other hand, Meta has recently shown interest in using stablecoins. Information from Forbes indicates that it has been talking to companies in the sector about possible integrations to facilitate global payments. This marks a strategic return to cryptocurrencies, following the closure of the Diem project, which faced regulatory hurdles.