Bitcoin Advocacy Gains Traction With Meta Shareholder Proposal

A Meta shareholder has proposed that the social media giant add Bitcoin to its corporate treasury strategy in a move that could further institutional adoption of the cryptocurrency.

On Jan. 10, Bitcoin YouTuber Tim Kotzman revealed that Ethan Peck, a Meta shareholder, submitted a proposal for the company to allocate a portion of its $72 billion cash reserves to Bitcoin.

“The shareholder, Ethan Peck, who is an employee at The National Center for Public Policy Research — the organization that submitted to MSFT & AMZN — informed me he submitted on behalf of his family’s shares,” said Kotzman.

Peck is a legal fellow at The National Center for Public Policy Research, a conservative think tank that previously submitted proposals to Microsoft and Amazon for them to add Bitcoin to their corporate treasuries.

The proposals are part of a broader effort to have major corporations adopt Bitcoin as an institutional asset, an initiative that began in 2023 with Tesla’s $1.5 billion Bitcoin purchase.

Related: Meta reportedly planning to launch NFTs on Instagram in 2024

In the proposal, Peck raised concerns about inflation eroding the value of Meta's cash holdings, which are intended to fund future acquisitions and initiatives. He argued that Bitcoin, with its strong performance compared to traditional assets, offers a hedge against inflation while enhancing shareholder value.

Peck cited Bitcoin’s impressive returns, which include a 124% increase in 2024 and a staggering 1,265% gain over five years. These figures far outpace the modest yields of bonds and other traditional financial instruments.

He also highlighted Meta's indirect exposure to crypto through BlackRock, the company’s second-largest institutional investor, which has endorsed a 2% Bitcoin allocation for corporations. BlackRock is also the issuer of IBIT, the largest spot Bitcoin exchange-traded fund (ETF) in the United States.

The proposal has sparked conversations in the crypto and corporate communities, with some speculating on how Meta CEO Mark Zuckerberg’s recent shift in attitude towards Web3 could impact the decision.

“If Zuck has come to understand this through his 2020–2024 experience, he might just become a major force in crypto,” said Jeff Park of Bitwise, commenting on Zuckerberg's skepticism towards traditional systems and affinity for Bitcoin's ethos. “Watch closely — his next moves could rewrite Meta’s playbook.”

Zuckerberg, who owns 13.5% of Meta's common stock and controls over 50% of the company's voting power, could play a pivotal role in this decision, especially given his interest in the metaverse and Web3.

The proposal also aligns with a broader movement advocating for Bitcoin in corporate treasuries, which saw varied results in 2024. While Microsoft shareholders rejected the idea, citing Bitcoin's volatility, Amazon is yet to act on a suggestion for a 5% allocation.

Still, crypto advocates like Erik Voorhees believe that businesses stand to gain more from Bitcoin investments than governments. He argued that adopting Bitcoin not only preserves value but also positions companies to thrive in an increasingly digital economy.

“Let’s have more advocacy of corporate treasuries buying Bitcoin, and less advocacy of nation states doing so,” said Voorhees. “The former are deserving, for they produce value. The latter undeserving, destroying it.”