Meta’s Bitcoin rejection means Big Tech is still skeptical

The case for holding Bitcoin on a firm’s balance sheet is compelling, CoinShares’ Butterfill told Cointelegraph, and “the pace of adoption is accelerating.”

Strategy became the first publicly traded company to adopt Bitcoin as its primary treasury reserve asset in August 2020, but not many major tech firms have followed since. 

Treasury reserves, sometimes called cash reserves, are held by corporations to fund short-term or emergency obligations. These are typically cash or cash equivalents like money market funds or three-month US Treasury bills.

The social media giant Meta keeps $72 billion in liquid assets in its reserve. But at its annual meeting on May 28, shareholders turned back a proposal to assess whether Bitcoin (BTC) might qualify as a future treasury reserve asset. The proposal was dismissed by a ratio of 1,221 to 1.

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