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Meta Platforms’ shareholders voted against a plan to see if the company should hold Bitcoin as part of its cash reserves. Nearly 9 million shares were abstentions, and almost 205 million shares counted as broker non-votes. The vote happened at the company’s annual meeting this week. Short of support, the proposal failed to move forward.

Shareholders Reject Bitcoin Proposal

According to public filings, investor Ethan Peck of the National Center for Public Policy Research asked Meta to study whether swapping some of its $72 billion in cash, cash equivalents, and marketable securities for Bitcoin could help protect value.

Peck pointed out that inflation and low returns on bonds have been eroding the company’s cash hoard. He noted that Bitcoin’s fixed supply and past price gains might offer a hedge. Some shareholders voted in favor, but most sided with the company’s board.

Meta Platforms Shareholders Vote Against Bitcoin Treasury Assessment Proposal pic.twitter.com/ZeIrUHq2OK

— Phoenix » PhoenixNews.io (@PhoenixNewsIO) May 30, 2025

Board Cites Solid Treasury Management

Based on reports, Meta’s directors said there was no need for a separate Bitcoin study. They argued that the company already has a plan to keep its cash safe.

Meta’s leaders wrote that they review many kinds of investments on a regular basis to ensure they have enough liquid funds for operations. They did not comment on whether Bitcoin was a good or bad choice. Instead, they said their existing process meets all their needs.

Push For Corporate Bitcoin Falls Short

The National Center for Public Policy Research has tried similar pushes at Microsoft and Amazon. Microsoft shareholders in December 2024 rejected a proposal to put Bitcoin on the balance sheet.

Amazon faced a comparable idea but did not act on it. Even when some tech leaders make hints—Mark Zuckerberg named his goats “Bitcoin” and “Max,” and board member Marc Andreessen sits on Coinbase’s board—big firms remain cautious. They worry about price swings and extra rules that come with owning cryptocurrency.

Meta Shifts Focus To Stablecoin

Rather than buy Bitcoin, Meta now seems more interested in stablecoins. Based on reports, the company is in talks with crypto infrastructure partners about using a stablecoin for global payouts. This would let Meta send money faster and cheaper across borders.

It also marks a return to crypto efforts after Meta closed its Diem project. Back in 2022, Diem was shelved amid US regulatory pushback. Meta’s new moves suggest it wants a piece of payments tech, but without the wild price swings of Bitcoin.

For now, Bitcoin will not sit on Meta’s balance sheet. Some public companies like Tesla and Strategy have placed big bets on Bitcoin. Meta’s board, however, prefers a more traditional treasury setup. By leaning toward stablecoins, they show they want speed and stability over the dramatic ups and downs of crypto.

Featured image from Unsplash, chart from TradingView

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This so-called “drama” was sentenced to four months in prison after a guilty plea for CZ’s money laundering violation. Released in September 2024, he is currently working on reports that he provided evidence against the Sun.

CZ called the story a “basic hit,” noting that he served time and is far from a typical government witness. Sun agreed, affirming their friendship and dismissing the rumors as unfounded.

Several people told me again. WSJ writes another unfounded hit about me. 4

– CZ bnb (@cz_binance) April 11, 2025

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Unfounded hits and where they hit

Today, many view this smear as a targeted attack, presumably driven by regulatory pressures and rival interests. Support for CZ and Sun is strong among loyalists, and they consider them to be industry pioneers. However, it challenges the transparency of plea bargains and questions the trust in centralized exchange.

CZ’s response on social platforms is sharp, suggesting that news outlets were paid to paint him. He argued that providing prison time was contradictory to claim that it was a protected witness. This comes with his supporters of the crypto community that gathered behind his rebellion.

WSJ is really trying it out here. They seem to have forgotten who went to prison, and who didn’t.

Those who become government witnesses will not go to prison. They are protected.

I heard someone paid a WSJ employee to paint me. https://t.co/xqpnbwvlmi

– CZ bnb (@cz_binance) April 12, 2025

Additionally, Justin Sun comes to the defense of his “mentor” CZ. He praised CZ for his sincerity and urged the unity of Crypto’s “small spaces.” This hit a chord with supporters who viewed regulatory scrutiny as a shared threat.

I am not aware of the circulating rumors. CZ is both my mentor and close friends. He has played an important role in supporting me during my entrepreneurial journey. To this day, his actions and principles remain the highest standard I strive to follow as a founder.

at the same time…

– He is Justin Sang (@justinsuntron) April 12, 2025

In the aftermath, the community is feeling frustrated from the media story. Many have dismissed the narrative as an attempt to split key figures like CZ and Justin Sun, and as a contribution from Binance’s global scope to Tron’s Defi Ecosystem. Still, the vocal minority demands clarity to be wary of hidden agreements in the legal battle of the high stakes.

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From smears to drama: Justinsan and cz are not saints

In addition to the drama, the report suggests that Binance executives will meet US Treasury officials to reduce surveillance from monitors appointed after the $4.3 billion settlement.

These talks coincided with discussions for Sun to list USD1, a Stablecoin tied to an investor Trump-backed venture. Critics view this as a potential conflict, and Binance calls it a burden on the supervisor and calls for “fine tweaks” to compliance rules.

Meanwhile, the SEC suspended fraud cases against Justin San in February 2025 after an investment of $75 million in Trump-related projects. Some speculate that this timing coincides with Binance’s manipulation, which suggests a political drama.

destruction

The SEC has since November suspended fraud prosecution of Justin Sun, a Chinese national who put more than $50 million in Trump’s pocket, through the purchase of Crypto Tokens from Trump’s backed company World Liberty Financial. pic.twitter.com/kzpqc6frht

– Judderplele (@judderplele) February 28, 2025

Further drama comes from the rumoured relationship with Trump’s circle. CZ has once again denied talks about Trump’s WLFI’s acquisition of Vinance’s US stock.

Taking advantage of this situation, Polymet Betters will give you an 18% chance of this transaction by July 2025. Bettors view this as political leverage, and CZ pardons are sometimes mentioned, but unconfirmed.

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It’s a big saga. It illustrates the complex interaction of loyalty, regulation and power. Their loyalty as a community has kept Cryptobros strong on the ground defending CZ and Justin Sun, but lingering questions about plea deals and political ties continue to boil down the drama.

Some of the working forces are the same as burning crosses

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Post-Binance boss CZ slam “Smear” first appeared in 99 Bitcoin with “Smear,” which covers Justin San in the plea drama.