Introduction
In a surprising yet telling outcome, Meta Platforms Inc. (formerly Facebook) witnessed an overwhelming majority of its shareholders — over 99% — vote against a proposal to assess the feasibility of adding Bitcoin to the company’s corporate treasury. The proposal, presented during Meta’s 2025 Annual Shareholder Meeting, was championed by the National Center for Public Policy Research (NCPPR).
Despite growing interest in Bitcoin from other corners of the tech and finance world, the move was firmly rejected. This article explores the background, rationale, voting results, and broader implications of this decision for Meta and the tech industry.
Background: Meta’s Relationship with Cryptocurrency
Meta’s engagement with cryptocurrency is not new. The company previously attempted to revolutionize digital payments with the launch of its stablecoin project, Libra, later rebranded as Diem. However, the initiative was met with intense regulatory scrutiny globally and eventually shelved. Since then, Meta has taken a more cautious stance, limiting its blockchain ventures to NFTs and metaverse integrations through platforms like Horizon Worlds and Instagram.
The latest proposal to explore Bitcoin as a treasury asset was not a Meta initiative. Still, it came from a shareholder, signaling external pressure for the company to adopt a more crypto-friendly financial strategy.
What Was the Proposal?
The shareholder proposal specifically called for Meta to conduct an assessment of the potential advantages and risks of incorporating Bitcoin into its corporate treasury. Proponents argued that such a move could:
Serve as a hedge against inflationDiversify Meta’s balance sheetFollow in the footsteps of companies like MicroStrategy and Tesla, which have partially converted their cash reserves into Bitcoin
Voting Results: A Resounding “No”
The outcome was unequivocal:
Votes in Favor: ~3.9 millionVotes Against: ~4.9 billionAbstentions: ~8.9 millionBroker Non-Votes: ~205 million
Out of 14 proposals presented at the shareholder meeting, this received the least support, making it a clear rejection by Meta’s investor base.
Meta’s Board of Directors: Firmly Against
Meta’s board did not support the bitcoin proposal
Meta’s board did not support the proposal and stated the vote, emphasizing the following:
Meta already has effective treasury and risk management strategiesIts current priority is capital preservation and liquidityIntroducing Bitcoin could bring unnecessary volatility and risk
The board considered the proposal an unnecessary diversion from the company’s core business goals and financial practices.
Arguments For the Proposal
Despite the overwhelming rejection, proponents made several compelling arguments:
1. Inflation Hedge
Bitcoin has been touted by many as “digital gold” due to its fixed supply of 21 million coins. Advocates argued that holding Bitcoin could help Meta protect its cash reserves from erosion due to inflation.
2. Diversification
Large tech companies often hold billions in cash and equivalents. Allocating even a small percentage to Bitcoin could provide portfolio diversification.
3. Strategic Branding
Adopting Bitcoin could position Meta as an innovative leader in the digital economy, aligning with its broader metaverse and Web3 ambitions.
4. Long-Term Value Accumulation
Bitcoin has appreciated significantly over the past decade. Proponents argued that early adoption could lead to long-term gains.
Arguments Against the Proposal
1. Volatility
Bitcoin’s price can fluctuate significantly, potentially leading to substantial losses that could impact Meta’s financial stability.
2. Regulatory Risks
The regulatory environment for crypto assets remains uncertain. Holding Bitcoin could expose Meta to legal and compliance risks.
3. Shareholder Distrust
Given Meta’s previous struggles with Libra/Diem and ongoing scrutiny around data privacy, shareholders may be wary of any new financial experiments.
4. No Operational Need
Meta’s core business (advertising and social networking) does not currently require or benefit directly from holding Bitcoin.
Broader Industry Context
Microsoft Also Rejected Bitcoin Treasury Plan
In December 2024, Microsoft shareholders also voted down a similar proposal, showing that large-cap tech firms are generally cautious about crypto integration at the treasury level.
MicroStrategy and Tesla: The Exceptions
Unlike Meta and Microsoft, MicroStrategy has become known for aggressively accumulating Bitcoin, with over 200,000 BTC on its balance sheet. Tesla, under Elon Musk, also purchased Bitcoin, though it later sold some of its holdings. These examples are often cited by Bitcoin proponents but are still outliers in the broader corporate world.
Institutional Caution Persists
While institutional adoption of crypto has grown, most large firms prefer indirect exposure through ETFs or partnerships, not direct treasury allocation.
Market Reaction and Investor Sentiment
The shareholder vote did not significantly impact Meta’s stock price, indicating that the market had not placed much weight on the proposal. As of May 31, 2025, Meta stock remained stable, reflecting investor confidence in the company’s existing financial strategy.
Stock Price: $647.49Market Cap: ~$1.46 trillionPE Ratio: 21.91EPS: $25.58
Strategic Implications for Meta
1. Sticking to Core Business
Meta is prioritizing investments in AI, the metaverse, and other high-return projects over speculative assets like Bitcoin.
2. Avoiding Risk
With global regulators still wary of cryptocurrencies, avoiding direct exposure helps Meta maintain a stable risk profile.
3. Listening to Shareholders
The board’s stance reflects a strategy aligned with the interests and risk appetite of its investors.
Conclusion
The rejection of the Bitcoin treasury proposal by 99% of Meta shareholders sends a clear message: Meta’s investor base is not ready to embrace cryptocurrency as part of the company’s financial strategy. While Bitcoin continues to gain traction in various sectors, it remains a controversial and high-risk asset for institutional treasuries.
For now, Meta is choosing to stay the course with its existing financial strategies, focusing on liquidity, stability, and long-term value through innovation in areas like AI and the metaverse.
While this may disappoint crypto enthusiasts, it underscores the conservative approach many large corporations still take when it comes to digital assets.
FAQs
Q1: Why did Meta shareholders reject the Bitcoin proposal?
The proposal was seen as risky and unnecessary, given Bitcoin’s volatility and regulatory uncertainty. Meta’s board and investors preferred to stick to traditional, safer treasury strategies.
Q2: Did this decision affect Meta’s stock price?
No significant movement was observed in Meta’s stock price following the vote, suggesting the market was indifferent to the proposal.
Q3: Has Meta ever invested in Bitcoin before?
No. Meta has never held Bitcoin on its balance sheet. Its past crypto involvement was through its now-defunct Libra/Diem stablecoin project.
Q4: Are other tech companies buying Bitcoin?
A few, like MicroStrategy and Tesla, have added Bitcoin to their treasuries. However, most major tech firms remain cautious or have rejected similar proposals.
Q5: Could Meta revisit this decision in the future?
It’s possible, especially if the regulatory environment becomes more favorable and Bitcoin stabilizes further. However, for now, it seems unlikely.
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