1 week ago
Meta (META) shareholders person overwhelmingly voted against a connection to adhd bitcoin BTC to the company’s equilibrium sheet, according to a May 28 filing with the U.S. Securities and Exchange Commission.
Just 3.92 cardinal votes supported the measure, portion astir 5 cardinal were formed successful opposition. The thought was enactment guardant successful January by Ethan Peck, a bitcoin advocator who works arsenic the bitcoin manager for the wealthiness absorption steadfast Strive.
Peck’s connection called for Meta to determination a information of its $72 cardinal successful currency and currency equivalents into bitcoin arsenic a hedge against inflation. He argued that the tech elephantine should dainty bitcoin arsenic a strategical reserve asset, akin to a firm warfare thorax designed to upwind monetary argumentation uncertainty.
The run was not constricted to Meta. Peck besides targeted Microsoft (MSFT) and Amazon (AMZN) with akin proposals, filed connected behalf of the blimpish deliberation vessel National Center for Public Policy Research (NCPPR). Microsoft shareholders precocious voted against the plan. Amazon has not yet held a vote.
Though Meta doesn’t clasp crypto connected its equilibrium sheet, the institution has dabbled successful blockchain before. In 2019, it announced Libra, a planetary stablecoin task backed by a handbasket of fiat currencies. That effort collapsed successful 2022 aft regulatory backlash and interior struggles, rebranding concisely arsenic Diem earlier being unopen down.
Meta’s broader crypto strategy remains unclear. While its metaverse ambitions prompted the 2021 rebrand from Facebook to Meta, the institution has pulled backmost connected that imaginativeness successful caller months. Still, earlier this year, reports surfaced that Meta was exploring the usage of stablecoins to negociate payments crossed its household of apps.
Shares of the institution were up 3.5% connected Monday, trading astatine $670.09 a piece.
English (US) 