Meta Drops Bitcoin Purchase Proposal, Zuckerberg May Be the Opponent

A proposal to add Bitcoin to Meta’s asset portfolio was overwhelmingly rejected by shareholders, receiving only 0.08% approval. Specifically, just 3.92 million votes were in favor, while nearly 5 billion were against, according to a regulatory filing dated May 28.

The proposal came from Ethan Peck, a Bitcoin advocate and director of Bitcoin strategy at asset management firm Strive. Peck urged Meta to invest a portion of its $72 billion in cash and cash equivalents into Bitcoin as a hedge against inflation. He argued that bond yields are lower than actual inflation, causing 28% of Meta’s assets to steadily lose value.

Peck also cited Meta’s second-largest shareholder, BlackRock, which considers a 2% Bitcoin allocation to be reasonable. However, the proposal failed to gain traction—likely because CEO Mark Zuckerberg, who controls 61% of Meta’s voting power, voted against it.

Peck had previously submitted similar Bitcoin-related proposals to Microsoft and Amazon on behalf of the National Center for Public Policy Research (NCPPR). Microsoft rejected the proposal in December, while Amazon has yet to vote. Some analysts believe Amazon is more open to adopting emerging technologies than its Big Tech peers.

Still, many shareholders remain wary of holding highly volatile assets like Bitcoin, especially when cash could be used for research, development, or acquisitions that offer more stable long-term value.

Despite Meta and Microsoft’s resistance, the trend of corporate Bitcoin adoption is growing. According to BitcoinTreasuries.NET, 116 publicly listed companies worldwide have added Bitcoin to their balance sheets. Recent entrants include GameStop and Swedish health tech firm H100, both of which purchased Bitcoin for the first time last month.

Leading the pack is Michael Saylor’s MicroStrategy, which holds 580,250 BTC—worth around $60.9 billion. Other major holders include Tesla and Marathon Digital Holdings, each with over $1 billion in Bitcoin.