- Meta shareholders reject Bitcoin treasury proposal, citing redundancy.
- Decision reflects hesitation among tech giants.
- Impacts Bitcoin’s potential institutional adoption trajectory.
Meta Platforms Inc.’s shareholders decisively rejected a proposal to assess holding Bitcoin as a treasury asset, declaring the assessment unnecessary during their annual meeting.
The decision highlights ongoing caution among major tech companies toward Bitcoin adoption amid shifting financial considerations and market dynamics.
Meta Platforms Inc.
Meta Platforms Inc., led by CEO Mark Zuckerberg, encountered a proposal from investor Ethan Peck through the National Center for Public Policy Research. The proposal aimed to evaluate the feasibility of including Bitcoin in Meta’s treasury. Meta’s board deemed the proposal “unnecessary” and strongly discouraged the assessment.
At the shareholder meeting, nearly five billion votes opposed the Bitcoin proposal, decisively maintaining Meta’s position. Consequently, Meta’s reserves of $72 billion remain in cash and securities, without Bitcoin allocations.
The rejection affects Bitcoin’s market outlook, signaling a reluctance for immediate corporate adoption. Investors may view this as a limitation on Bitcoin’s growing institutional credibility, affecting sentiment in the crypto sector. Ethan Peck, an investor, remarked that “the proposal to assess holding Bitcoin as part of Meta’s treasury was submitted.”
Technology Sector Trend
Similar tendencies were seen in Amazon and Microsoft, as their shareholders also dismissed analogous proposals. This reflects a cautious approach prevalent in the technology sector regarding Bitcoin and digital currencies.
Meta’s decision not to assess Bitcoin’s role as a treasury asset underscores contrasting results with companies like MicroStrategy. Their aggressive Bitcoin adoption previously enhanced institutional interest, influencing the broader cryptocurrency market.
