%MetaPlatforms (NASDAQ: $META) shareholders have voted overwhelmingly against a proposal to add %Bitcoin (CRYPTO: $BTC) to the company’s balance sheet.
A filing with the U.S. Securities and Exchange Commission (SEC) shows that only 3.92 million votes supported the Bitcoin proposal, while nearly five billion votes cast in opposition to it.
The proposal for Meta to hold Bitcoin was put forward by Ethan Peck, a %Cryptocurrency advocate who works as the Bitcoin director for the wealth management firm Strive.
Peck called for Meta to use a portion of its $72 billion U.S. cash reserves to begin buying Bitcoin, arguing that it would serve as a hedge against inflation for the company.
The proposal further argued that Meta Platforms should treat Bitcoin as a strategic reserve asset, similar to a corporate war chest.
Peck had previously targeted technology companies %Microsoft (NASDAQ: $MSFT) and %Amazon (NASDAQ: $AMZN) with similar Bitcoin proposals.
Microsoft shareholders voted against the plan, while Amazon has not yet held a vote.
Though Meta doesn’t hold crypto on its balance sheet, the company has dabbled in blockchain technologies over the years.
In 2019, the company launched Libra, a global %Stablecoin project backed by a basket of fiat currencies. That effort failed in 2022 after regulatory backlash and internal problems.
More recently, it has been reported that Meta is exploring the use of stablecoins to manage payments across its various apps.
The stock of Meta Platform has gained 12% this year to trade at $670.90 U.S. per share.
