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Meta shareholders delivered a crushing blow to Bitcoin advocates, rejecting a proposal to add the cryptocurrency to the company’s $72 billion treasury with just 0.08% support at their May 28 annual meeting.
The lopsided vote saw nearly 5 billion shares cast against the measure. Only 3.92 million votes supported the Bitcoin treasury assessment proposal.
Ethan Peck, Bitcoin director at wealth management firm Strive, had submitted the proposal in January on behalf of his family’s Meta shares. He argued the social media giant’s massive cash reserves were “consistently diminishing shareholder value” due to inflation.
“Since cash is consistently being debased and bond yields are lower than the true inflation rate, 28% of Meta’s total assets are consistently diminishing shareholder value,” Peck stated in his filing to the Securities and Exchange Commission (SEC).
CEO Mark Zuckerberg, who controls 61% of Meta’s voting power, likely voted against the proposal. The tech billionaire has remained silent on the outcome, despite being a vocal advocate for Web3.
Meta’s board dismissed the assessment as “unnecessary,” citing existing treasury management processes. The company said its primary goals remain “to preserve capital and provide liquidity.”
“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 stated in their SEC response.
The rejection places Meta alongside Microsoft and Amazon in dismissing Bitcoin treasury proposals. Microsoft shareholders voted down Peck’s similar proposal in December. Amazon shareholders will soon face their own Bitcoin vote, with Peck seeking a 5% allocation of company assets.
This corporate resistance contrasts sharply with growing Bitcoin adoption elsewhere. According to BitcoinTreasuries.NET, 116 public companies now hold Bitcoin on their balance sheets. Recent additions include GameStop and Swedish health tech firm H100.
MicroStrategy leads corporate Bitcoin holdings with 580,250 coins worth approximately $60.9 billion. Marathon Digital Holdings and Tesla each hold over $1 billion in Bitcoin.
However, analysts note a pattern: companies embracing Bitcoin often struggle with their core businesses. GameStop’s stock fell from $35 shortly after its $519 million Bitcoin purchase, despite initial excitement.
Matt Cole, CEO of Strive Asset Management, had directly appealed to Zuckerberg at the Bitcoin 2025 Conference. “You have already done step one. You have named your goat Bitcoin,” Cole said. “My ask is that you take step two and adopt a bold corporate bitcoin treasury strategy.”
Despite rejecting Bitcoin reserves, Meta continues exploring stablecoin integration. The company researches using USDC and USDT for content creator payments and cross-border transactions.
Peck had pointed to BlackRock’s guidance suggesting a 2% Bitcoin allocation as reasonable. Yet Meta’s second-largest shareholder didn’t sway the vote.
The overwhelming rejection signals that established tech giants prioritize stability over speculative crypto investments, even as smaller companies chase Bitcoin’s potential upside.
