Meta is the Latest Tech Giant to Dismiss Bitcoin Treasury Proposal

With almost five billion votes against and only 3.9 million votes for, Meta shareholders overwhelmingly rejected the initiative, according to a regulatory filing. 

Stick to the process

In an analysis of all proposals released ahead of the vote, the Meta board of directors recommended vote against establishing a Bitcoin treasury, stating: “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.” 

Of the 14 elements that were voted on by the shareholders, the Bitcoin treasury proposal had by far the widest margin of defeat.

The Meta shareholder proposal was spearheaded by the National Center for Public Policy Research (NCPPR), a politically conservative US-based think tank, which also put forward the Bitcoin treasury proposals to shareholders of Amazon and Microsoft. 

Big tech stays away 

Microsoft’s shareholders rejected the proposal put to them in December 2024, while it didn’t even come to a vote at Amazon. The company excluded both the NCPPR proposal and another related Bitcoin treasury proposal from a shareholder vote on the grounds that, “the Proposals relate to the Company’s ordinary business operations and… the Proposals seek to micromanage the Company.”

While these three big tech companies are rejecting adopting Bitcoin treasury strategies, others aren’t. A notable amount of publicly traded companies have purchased Bitcoin, led by Strategy, holding $60 billion worth of Bitcoin [link to article]. However, these companies differ to Meta, relative to size and willingness to take risks on volatile assets.

It remains to be seen if the major technology companies will change course in the future and adopt a strategy of holding crypto assets on their balance sheets.