Meta shareholders (META) voted massively against a proposal to add Bitcoin
At the balance sheet of the company, according to a May 28 filed with the American Commission for Securities and Exchange.
Only 3.92 million votes supported the measure, while nearly 5 billion were seen in opposition. The idea was put forward in January by Ethan Peck, a Bitcoin lawyer who works as a Bitcoin director for the STRIVE heritage management company.
Peck’s proposal asked Meta to move part of its 72 billion dollars in cash and cash equivalents in Bitcoin as a cover against inflation. He argued that the technology giant should treat Bitcoin as a strategic reserve asset, similar to a corporate war box designed to resist the uncertainty of monetary policy.
The campaign was not limited to Meta. Peck has also targeted Microsoft (MSFT) and Amazon (AMZN) with similar proposals, submitted in the name of the Think Tank National Center for Public Policy Research (NCPPR). Microsoft shareholders recently voted against the plan. Amazon has not yet taken a vote.
Although Meta does not hold the crypto in its record, the company has already attracted blockchain. In 2019, he announced Balance, a global Stablecoin project supported by a basket of fiduciary currencies. This effort collapsed in 2022 after regulatory reactions and internal difficulties, briefly renamed as Diem before being closed.
Meta’s wider cryptographic strategy remains clear. While its Metaversse ambitions have caused the Change of Facebook to Meta 2021, the company has fell this vision in recent months. However, earlier this year, reports have surfaced that Meta explored the use of stablecoins to manage payments in her family family.
The company’s shares increased by 3.5% on Monday, trading at $ 670.09 per room.
