Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the decision by Meta shareholders to not pursue adding Bitcoin to the organisation's balance sheet.
Meta Decide Against Adding Bitcoin to Balance Sheet
The shareholders of Meta have decided to vote against the “Bitcoin treasury assessment” proposal which would have seen the company add Bitcoin to their treasury. The proposal received just 3.92 million votes in favour, which is around 0.08% of the total. Almost 5 billion shares voted against the measure. It is likely that Meta CEO Mark Zuckerberg, who holds 61% of the company’s voting power, voted against it as he clearly does not want to go down the crypto route any further, at least for now.
The proposal was brought about from Bitcoin advocate Ethan Peck when he urged Meta to allocate a portion of its $72 billion cash reserves into Bitcoin, calling it a potential hedge against inflation. Peck argued:
“Since cash is consistently being debased and bond yields are lower than the true inflation rate, 28% of Meta’s total assets are consistently diminishing shareholder value.”
Peck serves as Bitcoin director for the wealth management firm Strive and he noted that Meta's second largest shareholder, BlackRock, noted that having a holding of 2% for a Bitcoin allocation would be considered reasonable. The proposal was submitted by Peck on behalf of his family’s shares in the social media giant.
A similar proposal was submitted by Peck to Microsoft and Amazon in 2024 on behalf of the conservative think tank, the National Center for Public Policy Research (NCPPR). The shareholders of Microsoft voted against the proposal in December, while the vote by Amazon shareholders is yet to happen but they are looking at having at least 5% of the company’s assets to Bitcoin.
It has been noted by some analysts that while Big Tech firms remain cautious about adding volatile crypto assets to their balance sheets, the landscape is shifting globally.
While the Bitcoin proposals were knocked back by Meta and Microsoft, publicly traded firms from all around the world have started to buy Bitcoin. Data from BitcoinTreasuries.NET showed that 116 public firms have added Bitcoin to their balance sheets. Among the recent additions are GameStop and Swedish health tech company H100.
Have a great day.
Peace. CryptoGod-1.
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