Zinger Key Points
- Shareholder propose considering adding Bitcoin to Meta's treasury.
- Meta's past attempts to build a crypto business have failed.
The shareholders of Mark Zuckerberg’s Meta Platforms Inc. META have reportedly requested its Board of Directors to conduct an assessment and determine if adding Bitcoin BTC/USD to the company’s treasury will be in the best interest of the company.
What Happened: This request for assessment follows a proposal submitted by the company’s shareholder Ethan Peck.
Peck is a deputy director for the National Center for Public Policy Research's ‘Free Enterprise Project’, which is the conservative movement's only full-service shareholder activism and education program. The organization has also submitted similar proposals to Microsoft Corp. MSFT and Amazon.com Inc. AMZN as well.
Meta did not immediately respond to Benzinga’s request for comment.
Tim Kotzman, the CEO and founder of Jubilee Royalty, shared a copy of this proposal in an X post dated Jan. 11.
Meta, the owner of WhatsApp and Instagram, reported in its third-quarter filing that it holds $72 billion in cash, cash equivalents, and marketable securities, including U.S. Treasuries and corporate bonds.
The proposal suggests that some part of this money should be deployed in the “inflation-resistant store of value” Bitcoin. It also quotes BlackRock, which is the second-largest institutional investor in Meta, saying that “a 2% Bitcoin allocation is reasonable”.
What Does It Mean For Investors: If Meta diversifies its holdings into Bitcoin, it could help the company earn higher profitability if the cryptocurrency’s price appreciates. Thus, it boosts the earnings from holding the asset, which will be beneficial for investors and shareholders. The proposal also highlighted that the largest holder of Bitcoin MicroStrategy Inc MSTR has outperformed Meta by 2191% over the last five years
Other U.S corporates like Marathon Digital Holdings MARA, Galaxy Digital Holdings, Tesla Inc TSLA, and Coinbase Global Inc COIN along with MSTR are the top five public companies that hold Bitcoin reserves.
Why It Matters: In May 2021, Zuckerberg named his pet goats ‘Bitcoin’ and ‘Max’, which fueled cryptocurrency speculation, particularly on X (formerly Twitter).
While it wasn’t a direct investment signal, the playful gesture ignited widespread discussion about Zuckerberg’s potential entry into the Bitcoin market, which ultimately did not occur.
In a 2023 podcast named ‘What Bitcoin Did’ by Peter McCormack, the former head of the Facebook Libra project, David Marcus was asked if Zuckerberg had any affinity with Bitcoin. Marcus said, “He likes Bitcoin."
However, Meta’s Diem cryptocurrency project, previously known as Libra, was abandoned in 2022. Diem aimed to be a stablecoin, a type of cryptocurrency pegged to stable assets like national currencies to minimize price fluctuations.
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