Bitcoin as corporate treasury: Why Meta, Amazon and Microsoft all said no

Bitcoin treasury strategy, explained

When a institution holds Bitcoin connected its equilibrium sheet, it is referred to arsenic a firm Bitcoin treasury. Instead of lone holding accepted fiscal assets and cash, organizations tin besides ain Bitcoin arsenic an alternate store of worth oregon concern strategy.

The attack of converting currency holdings into cryptocurrency is simply a caller displacement successful firm concern strategy. The conception has gained immense media sum successful caller years, with Strategy’s accordant Bitcoin treasury growth sparking debates.

A increasing fig of companies are discussing moving worth from traditionally harmless assets into this much volatile integer plus class. The upside is charismatic for galore investors, with apical bulls predicting prices anyplace betwixt $130,000 and $1.5million. 

Although connected the flip side, establishing a firm crypto strategy exposes companies to important risk. Traditional treasury absorption relies connected superior preservation. In contrast, Bitcoin (BTC) treasury absorption introduces speculation and volatility into equilibrium sheets.

VanEck’s caput of integer assets, Matthew Sigel, cautioned that companies similar Metaplanet aggressively raising superior to bargain Bitcoin hazard crossing from strategical maturation into shareholder harm.

“Once you are trading astatine nett plus value, shareholder dilution is nary longer strategic,” helium said. “It’s erosion.”

This means that if a company’s banal nary longer trades astatine a premium, issuing much shares to bargain Bitcoin dilutes worth alternatively of adding it — a reddish emblem for investors.

Thus, the mode businesses negociate their superior reserves has a nonstop effect connected institution worth and the quality to withstand economical downturns. For nationalist companies, this means gaining shareholder support for the instauration of a Bitcoin treasury. Major tech companies similar Meta, Amazon and Microsoft person each projected the thought successful caller months.

The Meta, Amazon and Microsoft Bitcoin treasury stance

Microsoft, Amazon and Meta shareholders person overwhelmingly rejected proposals to found strategical Bitcoin reserves. 

At the Meta 2025 yearly shareholder meeting, determination was a conclusive pushback against the instauration of a Bitcoin treasury. Over 90% of shareholders voted to reject a Meta Bitcoin treasury ballot proposal. Ethan Peck from the National Center for Public Policy Research initially introduced the proposal. It sought to see converting a information of the $72-billion currency stockpile into Bitcoin. 

The voting results are noted successful the array below:

Here’s an mentation of these voting results:

• For (3,916,871 votes): This is the fig of shareholders who voted successful favour of Meta adding Bitcoin to its treasury.
• Against (4,980,828,562 votes): These shareholders voted against the proposal. This ample fig shows that the overwhelming bulk rejected the idea.
• Abstentions (8,857,588 votes): These shareholders chose not to ballot either for oregon against the proposal. Their votes don’t number toward the outcome.
• Broker non-votes (204,772,865 votes): These are shares held by brokers for clients who didn’t supply voting instructions. In immoderate cases, brokers are not allowed to ballot connected definite matters without circumstantial absorption from the shareholder.

As seen above, astir 5 cardinal votes were against the proposal, meaning Meta shareholders decisively rejected adding Bitcoin to the company’s equilibrium sheet.

Bitcoin advocates highlighted the imaginable outsized returns owed to the starring cryptocurrency’s fixed proviso arsenic a amended semipermanent store of value. During the Bitcoin 2025 league successful Las Vegas, high-profile supporters specified arsenic Matt Cole, CEO of Strive Asset Management, urged Mark Zuckerberg to backmost the Meta shareholder Bitcoin proposal.

“You person already done measurement one. You person named your goat Bitcoin. My inquire is that you instrumentality measurement 2 and follow a bold firm bitcoin treasury strategy,” said Cole.

Still, the ballot didn’t adjacent negociate 1% support, arsenic 4.98 cardinal shares voted against and lone 3.9 cardinal successful favour aft the committee recommended against the resolution.

“While we are not opining connected the merits of cryptocurrency investments compared to different assets, we judge the requested appraisal is unnecessary fixed our existing processes to negociate our firm treasury,” noted Meta’s Board.

This effect aligns Meta with Amazon and Microsoft shareholders, who besides rejected erstwhile proposals to allocate reserves into Bitcoin. All 3 tech giants person undeniably abandoned cryptocurrency successful their fiscal operations, alternatively seeking to debar volatility and clasp fiscal stability. 

Although this is the existent stance for the large three, ongoing developments and integer plus regularisation improvements whitethorn mean the doorway reopens successful the aboriginal arsenic capitalist sentiment evolves successful aboriginal years. 

Did you know? Meta is looking astatine integrating stablecoin payments into its platforms. The Facebook genitor institution is reported to person held talks with crypto firms, which could spot them instrumentality a multi-token approach. So, portion a Bitcoin treasury has been rejected, users could spot stablecoins similar Tether’s USDt (USDT) incorporated into the Meta level portfolio.

Why companies cull Bitcoin

There are respective factors that the Meta committee and shareholders outlined for the rejection, including risk, regularisation and concern focus.

• Volatility concerns: Bitcoin is inactive a volatile plus with important terms fluctuations. Adding the plus to equilibrium sheets would pb to volatility successful net and fiscal positions for nationalist companies. This uncertainty successful fiscal readying becomes alarming for accepted investors. 
• Regulatory uncertainty: Cryptocurrency assets deficiency wide and accordant regulation. With the ineligible and taxation goalposts ever moving, it adds different hazard furniture for nationalist companies. 
• Business focus: Major tech institution shareholders are showing a penchant to support predictability and stability. Both the tech and crypto industries are evolving rapidly successful the look of AI and integer transformation, truthful organizations look keen to absorption connected the halfway concern alternatively than being distracted by speculative assets.
• Fiduciary responsibility: Corporations request to equilibrium innovation with committedness to their shareholders. A ineligible work to negociate assets responsibly doesn’t align with Bitcoin, which galore radical presumption arsenic a speculative concern category. Boards are wary of breaching their work and similar a cautious wait-and-see approach. 

Did you know? Strategy is often heralded for its firm Bitcoin treasury. Its banal has soared since adopting the argumentation successful 2020, outpacing the likes of Nvidia, Tesla, Google and Microsoft. At slightest 72 different companies person added Bitcoin successful 2025, but they stay smaller firms seeking to boost their banal price.

Strategy is the Bitcoin outlier

Strategy has built a warchest of implicit 500,000 BTC since 2020, costing implicit $33 cardinal (based connected 1 BTC = $66,279 connected average).

The American corp primitively made its sanction arsenic a concern quality service; portion this is inactive its halfway business, since 2020, the institution has often been considered a Bitcoin proxy owed to its increasing treasury. 

Strategy president Michael Saylor present says helium is focusing connected the company’s Bitcoin acquisition strategy. So far, the spot of adding a Bitcoin treasury has seen Strategy move into the Nasdaq 100 arsenic of Dec. 23, 2024.

With Strategy holding implicit 2% of Bitcoin’s full proviso (as of June 2025), it has drawn sizeable media attention. The continued maturation successful Bitcoin terms done precocious 2024 and aboriginal 2025 has led to inflated stock prices and institution valuation for Strategy. 

By June 12, 2025, the MSTR stock terms had soared 3,180% successful the past 5 years, rocketing to $387 from $11. The banal show is highly correlated with Bitcoin’s terms movements, efficaciously transforming shareholder exposure. However, this choky correlation besides means investors look amplified volatility tied to crypto marketplace swings.

Regardless, this demonstrates the imaginable upside that tin alteration a institution done Bitcoin treasury adoption. But this is simply a hazard that astir corporations are unwilling to take.

Did you know? As of May 2025, astir 19.6 cardinal BTC has been mined. That lone leaves 1.4 cardinal near to beryllium added to the circulating supply. With its deflationary design, if the world’s biggest companies and governments bash determine to found Bitcoin reserves, request combined with dwindling proviso could pb to a terrible upward terms shock.

The aboriginal of Bitcoin firm treasuries

Meta, Amazon and Microsoft proceed to absorption connected halfway concern missions. For present astatine least, they are waiting for clearer regulations and much predictable risks from integer assets. Until then, they’re not apt to marque immoderate bold moves.

Bitcoin treasuries proceed to stay the exception, not the norm. The Meta shareholder rejection is an denotation that the conception is inactive hype alternatively than reality. Even innovative tech organizations aren’t risking the volatility and distraction contempt imaginable payoffs. US tech giants stay wary of copying Strategy’s Bitcoin-as-a-reserve-asset strategy, sticking with the traditional, harmless treasury strategies.

The halfway tenets of firm treasury management, including hazard minimization, liquidity assurance and alignment with operational needs, tally antagonistic to the high-risk, high-volatility illustration of cryptocurrencies. Bitcoin’s terms swings tin transcend 50% successful a substance of months, which is acold extracurricular the volatility tolerance of astir firm concern departments.

Tech giants similar Meta, Amazon and Microsoft proceed to absorption their treasuries connected currency equivalents, short-term securities and diversified holdings aligned with their halfway missions. Even among innovators, crypto vulnerability is seen much arsenic a liability than a differentiator. The 2024 collapses of respective crypto-adjacent companies, combined with renewed scrutiny from the US SEC and planetary regulators, person lone reinforced firm caution.

Until clearer regulatory frameworks, accounting standards and custody solutions are established, Bitcoin treasuries volition stay an exception.

In the abbreviated term, Bitcoin advocates hoping for wide firm adoption whitethorn person to wait. The risk-reward illustration simply doesn’t align with however most main fiscal officers are judged: connected superior stability, not superior speculation.