Meta rejects 'Bitcoin investment proposal' at shareholders' meeting

Doohyun Hwang

Summary

Meta announced that it overwhelmingly rejected a shareholder proposal to convert a portion of its cash holdings into Bitcoin.
It was reported that shareholders made it clear they would stick to traditional asset management methods.
Since less than 0.1% of all shares voted in favor of the Bitcoin investment proposal, the possibility of Bitcoin purchases by Meta is evaluated to be low at this time.

Meta overwhelmingly rejected a shareholder proposal to convert a portion of its cash holdings into Bitcoin (BTC). Shareholders made it clear that they would stick to traditional asset management methods.

According to CryptoSlate on the 30th (local time), the proposal was rejected at Meta's annual shareholders' meeting, with a total of 498 million shares voting against and 3.92 million shares voting in favor. There were 8.86 million abstentions, and broker non-votes accounted for 204.7 million shares. The approval rate was less than 0.1%.

The proposal was submitted by Ethan Peck of the National Center for Public Policy Research (NCPPR), a conservative U.S. think tank. He argued that Meta should convert part of its $72 billion (about ₩99 trillion) in cash holdings into Bitcoin, stating this would serve as an alternative to declining bond yields and as a hedge against inflation.

BTC