The proposal urges Meta to replace some of its cash and bonds with BTC, but broader support is unlikely.

Meta, the parent company of Facebook, should consider investing in Bitcoin, according to a recent shareholder proposal.

The proposal calls Bitcoin “the most inflation-resistant store of value available” and highlights Bitcoin’s strong one- and five-year performance.

Cash, cash equivalents, and marketable securities like bonds account for $72 billion of Meta’s $256 billion assets. That $72 billion subtotal is “consistently diminishing shareholder value,” per the proposal, and Meta arguably has a fiduciary duty to consider assets with higher appreciations even if those assets are volatile.

By investing in Bitcoin, Meta could arguably avoid devaluation of cash and cash equivalents. It could also avoid bond yields that are lower than inflation.

Meta should consider the benefits of trading “even just a few percent” of its cash and bonds for Bitcoin, the proposal concludes.

The proposal observes that members of Meta have some familiarity with Bitcoin. It notes that Marc Andreessen, a director at Meta, has endorsed Bitcoin and is a director at the crypto exchange Coinbase.

Meanwhile, Meta CEO and chair Mark Zuckerberg has apparently taken a lighthearted interest in crypto, as he owns a pet goat named “Bitcoin.” It’s unclear whether Zuckerberg actually invests in BTC or other cryptocurrencies.

The proposal implies that Meta members may own crypto, stating:

“Do Meta shareholders not deserve the same kind of responsible asset allocation … that Meta directors and executives likely implement for themselves?”

The document additionally notes that other parties are involved in Bitcoin, listing MicroStrategy’s aggressive Bitcoin purchases and the U.S. government’s possible BTC strategic reserve as examples. Plus, it notes that BlackRock has launched a spot Bitcoin ETF and believes a 2% Bitcoin allocation is reasonable.

The proposal appears to be a small-scale effort. A single shareholder, Ethan Peck, submitted the proposal to Meta on behalf of his family shares.

Peck is deputy director at the National Center for Public Policy Research’s Free Enterprise Project. The National Center, a conservative think tank, has also submitted similar proposals to Microsoft and Amazon in recent months.

Though those proposals have seen widespread media coverage, they have seemingly failed to gain traction among shareholders themselves. Microsoft told shareholders to vote against exploring a Bitcoin investment in December. Shareholders sided with Microsoft and ultimately rejected the proposal.

Amazon and Meta have not commented or held shareholder meetings since the latest proposals. But without any indication of wider support, it appears that each proposal has low odds of success.