META (META) shareholders have overwhelmingly against a suggestion to add Bitcoin
to the company’s balance, according to a May 28 archiving at the US Securities and Exchange Commission.
Only 3.92 million votes supported the measure, while nearly 5 billion was given in opposition. The idea was put forward in January by Ethan Peck, a Bitcoin spokesman who works as Bitcoin director of the wealth management company striving.
Peck’s proposal called for Meta to move part of its $ 72 billion in cash and cash equivalents to Bitcoin as a hedge against inflation. He argued that the tech giant should treat Bitcoin as a strategic reserve active, similar to a business 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 submitted on behalf of the Conservative Tank Tank Tank National Center for Public Policy Research (NCPPR). Microsoft shareholders recently voted against the plan. Amazon has not yet held a vote.
Although Meta has no crypto in its balance, the company has deep in blockchain before. In 2019, it announced Libra, a global stableecoin project supported by a basket with Fiat currency. This effort collapsed in 2022 after regulatory setbacks and internal matches and redirected cards as a DIEM before he was closed.
Meta’s wider crypto strategy remains unclear. While its Metaverse ambitions led to rebrand from 2021 from Facebook to Meta, the company has withdrawn on this vision in recent months. Earlier this year, reports still appeared on Meta examining the use of stablecoins to manage payments across its family of apps.
The company’s shares rose by 3.5% Monday and traded at $ 670.09 per Piece.
