Meta Shareholders Vote Against Bitcoin Addition to Company’s Balance Sheet
Meta (META) shareholders rejected a proposal to add bitcoin (BTC) to the company's balance sheet. In a recent filing with the U.S. Securities and Exchange Commission, only 3.92 million votes supported the measure, while nearly 5 billion were opposed.
- The proposal was introduced by Ethan Peck, bitcoin director at Strive.
- Peck suggested allocating part of Meta's $72 billion cash reserves into bitcoin as a hedge against inflation.
- Similar proposals were also made for Microsoft (MSFT) and Amazon (AMZN), with Microsoft shareholders voting against it.
Meta has previously engaged in blockchain projects, such as the failed Libra stablecoin initiative in 2019, which was abandoned due to regulatory issues. The company's current crypto strategy is unclear, although there are reports of exploring stablecoin use for transactions across its apps.
On Monday, Meta's shares rose 3.5%, trading at $670.09.