TechFlow news, May 31 — According to Cryptoslate, Meta Platforms shareholders overwhelmingly rejected a proposal on May 30 during the company's annual shareholder meeting that urged the firm to convert part of its $72 billion cash reserves into bitcoin (BTC). Voting results showed 4.98 billion shares opposed, with only 3.92 million shares in favor—less than 0.1% of total votes cast. Additionally, 8.86 million shares abstained, and 204.77 million shares were held by brokers without voting.
The proposal (Proposal No. 13), submitted by Ethan Peck of the National Center for Public Policy Research, recommended that Meta "offset declining bond efficiency by converting an unspecified portion of excess cash into bitcoin." Peck positioned bitcoin as an inflation hedge and pointed out its stronger price performance in 2024 compared to bond returns.
Prior to the vote, Strive Asset Management CEO Matt Cole made a public call to Meta CEO Mark Zuckerberg during the 2025 Bitcoin Conference, urging the adoption of a "bold corporate bitcoin reserve strategy" and supporting a yes vote on the proposal.
