Meta Shareholders Reject Bitcoin Reserve Proposal by 99.9%

Meta's shareholders overwhelmingly rejected a proposal to explore the possibility of adopting Bitcoin as a reserve for the company’s treasury during the annual shareholder meeting on May 28, 2025. The proposal, filed by Ethan Peck of the National Center for Public Policy Research, suggested that Bitcoin could serve as a better store of value than traditional investments due to its fixed supply and increasing value over time. However, the vote tally revealed that only 3.9 million votes supported the proposal, while nearly 5 billion votes rejected it, with over 204 million broker non-votes recorded. This means that less than 0.1% of all votes cast were in favor of Bitcoin.

Meta’s board voted against the request, citing that there is no strategic purpose to invest in Bitcoin at this time. The company stated that its strong cash management procedures and sufficient liquidity framework were enough to meet its operating and growth needs. The board’s recommendation against the proposal highlighted that Bitcoin does not align with Meta’s treasury strategy due to its volatility and regulatory uncertainty. This stance is consistent with the conservative approach observed at leading technology corporations, such as Microsoft and Amazon, which have also rejected similar proposals in the past.

The institutional resistance to Bitcoin can be attributed to three core issues. Firstly, the volatility risk remains a significant concern for large companies. Despite Bitcoin’s price increase of over 130% in the last year, treasurers are wary of the substantial drops the cryptocurrency has experienced, such as the 70% drop in 2022. Secondly, there is a lack of regulatory clarity surrounding Bitcoin. Recent developments, such as the debut of U.S. spot Bitcoin ETFs in early 2024, have made the asset class more respectable, but regulatory frameworks are still evolving. Lastly, conservative treasury norms dominate the decision-making process, with companies preferring to avoid Bitcoin until regulatory clarity improves and the market matures.

Meta is not alone in its cautious approach to Bitcoin. Similar shareholder proposals were voted down at Amazon and Microsoft in the past two years. Other tech giants like Apple, Alphabet, and Nvidia also continue to avoid digital assets as treasury options. Tesla, which made headlines in 2021 for adding $1.5 billion in Bitcoin to its balance sheet, has since sold off a significant portion of its assets and currently holds only a small amount of Bitcoin. Despite Bitcoin’s market capitalization of almost $1.5 trillion, institutions remain hesitant to adopt it as a common treasury asset, reflecting a broader trend in the market.

The vote did not have a significant impact on the markets, but it underscored the fact that Bitcoin still has a long way to go before institutions will widely adopt it. BTC prices remained stable at $68,200 after the vote, indicating that traders had already anticipated the outcome. Cryptocurrency experts noted that while Meta’s decision was not surprising, it highlights the divergence between crypto enthusiasts and business professionals. Some proponents of the proposal argue that conservative views could lead to missed long-term benefits, as Bitcoin has appreciated by over 5,000% since Meta’s IPO in 2012, outperforming almost all other traditional financial assets.