Meta shareholders reject Bitcoin treasury plan

Meta shareholders have voted against the plan to add Bitcoin to its treasury.

Investor Ethan Peck, representing the National Center for Public Policy Research, initially proposed to add Bitcoin as it can act as a better store of value, safe from inflation and low bond return.

In Peck’s view, Bitcoin can offer a better reserve than Meta’s $72 billion cash, cash equivalents, and marketable securities. He argued that Bitcoin’s fixed supply and past price gains can offer a hedge.

Shareholders, however, have almost unilaterally rejected the proposal, with less than 0.1% voting in favour, according to a SEC filing.

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

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The board said there is no reason to consider Bitcoin and cited robust existing treasury management practices.

There a few reasons for the rejection:

• First, Bitcoin is exceptionally volatile in comparison to traditional treasury assets, making it a risky option.
• The lack of clear regulation around digital assets further increases the uncertainty.
• The vote reflects a broader preference among shareholders for traditional treasury management practices.

The vote also highlights the overwhelming trend among tech corporations - which avoid volatile treasury strategies as a rule rather than the exception. This will likely continue until more constant rules governing Bitcoin (and similar digital assets) are introduced and until it can demonstrate a more stable risk profile.

Similar rejections have happened at Microsoft and Amazon, suggesting that a Bitcoin-centric approach is not popular among the tech giants.

The move comes as Zuckerberg hopes for a 'pivotal' year for Metaverse, with AI-related "surprises" in store.