- Main event: Meta’s Bitcoin treasury proposal decisively rejected.
- Proposal saw less than 0.1% in support.
- No immediate impact on Bitcoin or other cryptos.
The rejection of the Bitcoin proposal reflects broader industry reluctance towards cryptocurrency treasury holdings, showing major firms still favor traditional assets. There were no immediate market reactions, indicating this stance aligns with current industry norms.
During their recent annual shareholder meeting, Meta’s board stressed that exploring cryptocurrency investments would be unnecessary. “We believe the requested assessment is unnecessary,” Meta Board Statement to Shareholders read. The proposal suggested utilizing portions of Meta’s existing $72 billion treasury for Bitcoin, acting as a hedge against inflation.
Key players involved included Ethan Peck representing the National Center for Public Policy Research, advocating for Bitcoin integration. The board opposed due to Bitcoin’s volatility. Meta’s shareholders largely sided with the board, highlighting a focus on stability.
The overwhelming vote against Bitcoin as a treasury asset signifies conservative trends among tech giants. Meta’s cash reserves will remain in traditional forms, continuing a pattern seen at companies like Microsoft and Amazon.
Insiders speculate that Meta’s dismissal of the proposal could shape their stablecoin and payment strategies. While stability remains favored, future regulatory clarity might alter views. Companies closely monitor the evolving landscape for potential shifts.
