McDonald’s Not Lovin’ Bitcoin Treasury Proposal, SEC Supports Decision

The U.S. Securities and Exchange Commission has backed McDonald’s in its decision to bypass a shareholder proposal urging the fast-food giant to incorporate Bitcoin into its treasury. The proposal, put forward by the National Center for Public Policy Research, a Washington, D.C.-based shareholder group, aimed to have McDonald’s evaluate the potential of holding Bitcoin as a financial asset. This development highlights the ongoing debate over cryptocurrencies in corporate finance and underscores McDonald’s cautious approach to investment strategies.

The National Center for Public Policy Research has been advocating for major corporations to adopt Bitcoin, citing its potential to hedge against inflation and enhance long-term value. In its submission to McDonald’s ahead of the company’s 2025 annual shareholders’ meeting scheduled for next month, the group emphasized the importance of strategic asset allocation. It pointed to companies like MicroStrategy, which rebranded as Strategy, as an example of success after integrating Bitcoin into its balance sheet.

The group noted that Strategy’s stock performance has significantly outpaced McDonald’s over the past five years, suggesting that Bitcoin could offer similar growth opportunities for the fast-food chain. The proposal framed Bitcoin as a tool for protecting corporate profits in an era of economic uncertainty, arguing that forward-thinking companies must look beyond traditional business metrics to secure their financial future.

McDonald’s and SEC Align on Business Priorities

McDonald’s, however, took a different stance. The company’s legal team contacted the SEC to seek confirmation that it could exclude the Bitcoin proposal from the upcoming shareholders’ meeting without facing regulatory repercussions.

In their communications, McDonald’s lawyers argued that decisions regarding investment strategies, such as whether to hold Bitcoin, fall under the purview of ordinary business operations. They contended that such matters are best handled by the company’s board rather than being subject to shareholder votes. The SEC reviewed the request and, in late March, issued a response supporting McDonald’s position. The agency stated that the proposal appeared to relate to routine business decisions, thereby giving McDonald’s the green light to omit it from the meeting agenda.

This decision aligns with broader trends in corporate governance, where boards prioritize stability and predictability in financial planning. The National Center for Public Policy Research has faced similar resistance in its efforts to promote Bitcoin among other industry leaders. Last year, the group made headlines with a comparable proposal to Amazon, urging the e-commerce titan to allocate a portion of its portfolio to Bitcoin. That initiative also met with skepticism, as Amazon’s leadership highlighted the cryptocurrency’s volatility as a key concern. Similarly, Microsoft shareholders rejected a Bitcoin investment proposal from the group in December, with the company’s board emphasizing the need for reliable and liquid assets to support ongoing operations.

The push for Bitcoin adoption in corporate treasuries reflects a broader conversation about the role of digital currencies in mainstream finance. While some companies have embraced cryptocurrencies as a hedge against inflation or a speculative growth asset, others, like McDonald’s, remain cautious. The fast-food giant’s decision to sidestep the proposal underscores its focus on maintaining a steady financial course, prioritizing operational efficiency over experimental investments.