Meta Platforms’ shareholders have decisively rejected a proposal urging the company to allocate a portion of its $72 billion cash reserves into Bitcoin. According to a U.S. Securities and Exchange Commission (SEC) filing dated May 28, the proposal garnered only 3.92 million votes in favor—just 0.08% of the total—while nearly 5 billion votes opposed it.
The measure was introduced earlier this year by Bitcoin advocate Ethan Peck, who also submitted similar proposals to Microsoft and Amazon. Acting on behalf of the conservative think tank National Center for Public Policy Research (NCPPR), Peck argued that Meta should consider Bitcoin as a strategic reserve asset and a hedge against inflation.
Peck’s campaign has met resistance across the board. Microsoft shareholders recently rejected his proposal, and Amazon is expected to vote on a similar motion soon.
While Meta currently holds no cryptocurrency on its balance sheet, it has previously explored blockchain initiatives. Notably, the company announced its Libra stablecoin project in 2019, which was later rebranded as Diem before being shelved in 2022 due to regulatory pushback.
Meta’s crypto strategy has remained ambiguous since its high-profile pivot to the metaverse in 2021. Though enthusiasm for the metaverse has cooled, reports earlier this year indicated that Meta is exploring the use of stablecoins for internal payment solutions across its platforms.
Despite the vote outcome, Meta’s stock rose 3.5% on Monday, closing at $670.09 per share.
