Shareholders of Meta Platforms Inc. META rejected a proposal to consider adding Bitcoin BTC/USD to the company’s balance sheet.

What Happened: A proposal for a “Bitcoin Treasury Assessment” garnered only 3.92 million votes in favor, reflecting about 0.1% of the total. A whopping 4.98 billion votes, or 95% of the total, were cast against the proposal during the company’s annual shareholders meeting, according to a May 28 regulatory filing.

“The shareholders did not approve the shareholder proposal regarding Bitcoin treasury assessment,” a statement from the filing read

See Also: Dogecoin, Shiba Inu And Other Meme Coins Are Entry Points To Crypto Ecosystem: Report

The proposal was introduced in January by Ethan Peck, who recommended that Meta allocate a portion of its $72 billion cash and cash equivalents to the "inflation-resistant store of value" Bitcoin.

Why It Matters: Peck is a deputy director at the National Center for Public Policy Research’s, a U.S.-based conservative think tank, which submitted similar Bitcoin investment proposals to Microsoft Corp. MSFT and Amazon.com Inc. AMZN.

While Microsoft shareholders have rejected the proposal, Amazon stakeholders have yet to vote on it.

This development comes in the wake of an appeal by Matt Cole, CEO of Strive Asset Management, to Meta to consider adding Bitcoin to its reserves. Cole made this public call at the Bitcoin 2025 conference in Las Vegas.

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Price Action:  At the time of writing, BTC was exchanging hands at $106,134.28, up 0.89% in the last 24 hours, according to data from Benzinga Pro. 

Shares of Meta were up 0.10% in after-hours trading after closing 3.62% higher at $670.90 during Monday’s regular trading session.

The stock scored well on Momentum, Growth and Quality metrics as of this writing. Check out Benzinga Edge Stock Rankings to see how other ‘Mag 7’ stocks compare.

Photo Courtesy: Skorzewiak on Shutterstock.com

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.