Meta (META) shareholders have overwhelmingly voted against a proposal to add bitcoin BTC to the company’s balance sheet, according to a May 28 filing with the U.S. Securities and Exchange Commission.
Just 3.92 million votes supported the measure, while nearly 5 billion were cast in opposition. The idea was put forward in January by Ethan Peck, a bitcoin advocate who works as the bitcoin director for the wealth management firm Strive.
Peck’s proposal called for Meta to move a portion of its $72 billion in cash and cash equivalents into bitcoin as a hedge against inflation. He argued that the tech giant should treat bitcoin as a strategic reserve asset, similar to a corporate war chest designed to weather monetary policy uncertainty.
The campaign was not limited to Meta. Peck also targeted Microsoft (MSFT) and Amazon (AMZN) with similar proposals, filed on behalf of the conservative think tank National Center for Public Policy Research (NCPPR). Microsoft shareholders recently vote
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