Meta shareholders vote against Bitcoin treasury

Meta Platforms shareholders have voted down a proposal to assess adding Bitcoin to the company’s treasury during an annual meeting this week. According to reports, over 4.9 billion shareholders voted against the move, with about 8.9 million shares absent, and over 205 million non-votes.

The move makes Meta Platforms the latest big tech firm to consider a shareholder push to add Bitcoin to its treasury following the previous push by Microsoft some months ago. However, just like this move, it ended in disappointment after shareholders voted to reject the proposal citing concerns about volatility. According to reports, the company said it was prioritizing a push into artificial intelligence over cryptocurrency investments.

The Meta Bitcoin treasury proposal was submitted by investor Ethan Peck, who stands as a representative of the National Center for Public Research (NCPPR), asking the company to look into the likelihood of converting some of its cash and bond holdings into Bitcoin to preserve shareholder value better. At the time, the proposal gained noticeable attention, with Strategy Chairman Michael Saylor publicly drumming support for the initiative.

Meta shareholders vote down Bitcoin adoption push

According to filings, Meta, as of September 30, 2024, had about $72 billion in cash, cash equivalents, and marketable securities, which the proposal claimed the values were being eroded by inflation and low returns. The move presents Bitcoin, which has a fixed supply and strong trading pattern compared to bonds, as a reliable store of value in the long term.

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

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According to the filing, there has also been an increased push in institutional Bitcoin adoption, mentioning Strategy’s Bitcoin acquisitions, BlackRock’s endorsement of a 2% Bitcoin allocation, and speculations about potential US federal and state-level Bitcoin reserves in 2025. It also mentioned that Meta’s leadership had been showing interest in the asset, though via informal means, highlighting that its CEO Mark Zuckerberg had named his goats “Bitcoin” and “Max”.

However, the board of directors was against the push, calling it unnecessary. In their response, the Meta board mentioned that the company already had a robust management practice in place, noting that it prioritizes capital preservation and liquidity to support its operations. The board also added that the company usually evaluates these broad ranges of investable assets and upon their recent evaluation, there was no need for a separate assessment focused on Bitcoin.

Gravitation towards stablecoins and AI on the agenda

According to a recent statement, the board explained its decision to ignore the buzz of digital assets.

“While we are not opining on the merits of cryptocurrency investments compared to other assets, we believe the requested assessment is unnecessary given our existing processes to manage our corporate treasury,” Meta’s board of directors noted in a statement.

While the company may not be eyeing Bitcoin in the short term, there won’t be any surprises if it decides to shift focus in the future. This is because there has been a considerable number of firms that have made the shift in the past, including Strategy. In addition, there is also a rising trend of industry players making Bitcoin-focused investments over the last few months due to the now relaxed regulations in the United States.

Also, there are reports that Meta may be looking into stablecoins in the time being, with the company also choosing to focus on its ongoing push into artificial intelligence. According to Forbes, Meta has explored integrating stablecoins into its platforms to facilitate global payouts, holding discussions with crypto infrastructure firms to that effect.

The move marks a re-entry into the crypto space for the company after its exit from the industry some years back following a regulatory setback with its Diem project. The initial effort was looking into the use of stablecoins for cross-border payments, with the firm hoping to provide a cheaper and faster alternative to the traditional system.

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