Meta shareholders turn down Bitcoin treasury reserve proposal as its stock soar on AI plans

Meta (META) shareholders opposed a proposal to adopt Bitcoin as a treasury asset, with more than 95% voting against the idea, according to a filing with the Securities & Exchange Commission (SEC). Meanwhile, its stock price jumped 3.6% following reports that it plans to run a fully automated Artificial Intelligence (AI) advertising engine by 2026.

Meta shareholders oppose establishing Bitcoin treasury

Meta Platforms will not be buying Bitcoin anytime soon after its shareholders overwhelmingly rejected the idea of a Bitcoin treasury, according to a filing with the SEC. 

In an annual meeting of shareholders held on Wednesday, Meta shareholders voted against a proposal that would have allowed the company to include Bitcoin in its balance sheet.

The votes comprised 3.9 million in favor of a Bitcoin treasury assessment — less than 1% — and 4.9 billion votes — approximately 95% — against it. This adds to the tale of big tech companies refusing to adopt Bitcoin as part of their treasury. 

The proposal was submitted by Ethan Peck, a shareholder at the National Center for Public Policy Research, who has been pushing for large firms to invest in Bitcoin.

Peck cited Bitcoin's fixed supply and superior long-term performance compared to bonds and referenced Meta executives' apparent interest in Bitcoin.

Peck's proposal was similarly rejected by Microsoft, whose shareholders declined to adopt a Bitcoin treasury strategy in December. The company's rejection came amid Strategy CEO Michael Saylor's effort to convince the board of Bitcoin's long-term value during a presentation.

The rejection from larger tech companies, such as Meta and Microsoft, could indicate that these firms have yet to view BTC as a necessary reserve asset against their cash holdings.

In contrast, firms such as Strategy and GameStop are already adding Bitcoin to their balance sheet, highlighting Bitcoin's growing status among this class of investors.

META jumped 3.6% on Monday following a Wall Street Journal report that the company plans to run a fully automated AI advertising engine by 2026.