Meta Shareholders Shut Down Push for Bitcoin Treasury
The post Meta Shareholders Shut Down Push for Bitcoin Treasury appeared on BitcoinEthereumNews.com.
The initiative was led by Bitcoin advocate Ethan Peck, who argued for using a portion of Meta’s $72 billion cash reserves to hedge against inflation. However, it is believed that Meta CEO Mark Zuckerberg’s controlling stake ensured the proposal’s defeat. Despite this, interest in corporate Bitcoin holdings is still rising globally. Meanwhile, Meta is still laser focused on artificial intelligence and defense applications. The company recently partnered with defense firm Anduril to develop AI-driven AR gear for US soldiers, repurposing metaverse technologies for military use. On the other hand, Meta’s AI research also faces internal struggles, with key talent departing and its Llama models trailing competitors. AI chief Yann LeCun is calling for a paradigm shift when it comes to training methods to build more intelligent systems. Meta shareholders decisively voted against a proposal to explore adding Bitcoin to the tech giant’s balance sheet. The “Bitcoin treasury assessment” proposal was submitted earlier this year by Bitcoin advocate Ethan Peck, but it received just 3.92 million votes in favor. This accounts for about 0.08% of the total votes. Nearly 5 billion shareholders rejected the measure, according to a May 28 regulatory filing. It is assumed that Meta CEO Mark Zuckerberg, who controls 61% of the company’s voting power, voted against the proposal, which effectively sealed its defeat. (Source: SEC) Peck’s proposal argued that a portion of Meta’s $72 billion in cash and cash equivalents should be converted into Bitcoin as a hedge against inflation. In his supporting statement, Peck claimed that 28% of Meta’s total assets are “consistently diminishing shareholder value” due to currency debasement and bond yields that fail to outpace inflation. He also pointed to BlackRock’s stance that a 2% allocation into Bitcoin is considered reasonable. Peck is the Bitcoin director at Strive, and submitted the proposal on behalf…
