Meta's rejection of Bitcoin reflects the skepticism of tech giants

In August 2020, Strategy became the first public company to accept Bitcoin as a primary treasury reserve asset, but not many large tech companies followed suit.

Treasury reserves, sometimes referred to as cash reserves, are held by corporations to fund short-term or emergency obligations. They typically consist of cash or cash equivalents, such as money market funds or three-month U.S. Treasury bills.

Social media giant Meta* holds $72 billion in liquid assets in reserve. However, at the annual meeting on May 28, shareholders rejected a proposal to assess whether Bitcoin could become a future treasury reserve asset. The proposal was rejected by a vote of 1221 to 1.