McDonald’s has declined to entertain a shareholder proposal that would have pushed the fast-food giant to adopt Bitcoin as part of its corporate treasury strategy. The initiative, led by the National Center for Public Policy Research—a conservative think tank and shareholder in the company—called on McDonald’s to follow the path blazed by firms like MicroStrategy, which have aggressively allocated funds into Bitcoin.
In the proposal, the group argued that McDonald’s real estate-heavy portfolio, while traditionally reliable, lacks the scalability and appreciation potential that Bitcoin offers. They described Bitcoin as a more agile and liquid asset, capable of delivering superior returns compared to bonds or property investments. “Real estate may be reliable, but it doesn’t scale like Bitcoin does,” the group wrote, urging the company to take a leadership role in financial innovation.
However, McDonald’s sought guidance from the U.S. Securities and Exchange Commission (SEC) to exclude the proposal from its annual shareholder meeting agenda. The SEC sided with the company, determining that the proposal dealt with matters of “ordinary business operations”—specifically investment decisions—which fall under management’s discretion and are not subject to shareholder vote.
SEC Affirms McDonald’s Right to Exclude the Proposal
In a letter dated March 28, the SEC confirmed that McDonald’s was within its rights to exclude the proposal from its upcoming shareholder meeting. “There appears to be some basis for your view that the company may exclude the proposal. In our view, the proposal relates to the company’s ordinary business operations,” the Commission wrote.
The ruling effectively shields McDonald’s from having to publicly address or debate the Bitcoin strategy in a shareholder forum. Under existing SEC guidelines, companies are allowed to omit proposals from shareholder consideration if they pertain to routine business decisions—unless they raise broader public policy concerns, which the SEC concluded this proposal did not.
Corporate Bitcoin Strategies Remain Divisive
McDonald’s cautious stance reflects a broader divergence in how major corporations are approaching Bitcoin. While some firms have leaned into crypto integration, others remain hesitant. MicroStrategy, led by prominent Bitcoin advocate Michael Saylor, famously transformed its corporate treasury into a Bitcoin-heavy balance sheet—drawing both praise and skepticism from investors.
Following Donald Trump’s re-election and Bitcoin’s subsequent rally, companies like GameStop have also announced plans to accumulate Bitcoin, with GameStop raising $1.5 billion for crypto investments earlier this year. However, not all shareholder pushes have succeeded. In December, Microsoft shareholders voted down a similar Bitcoin investment proposal, signaling that traditional corporate boards remain divided on the issue.
For now, McDonald’s has opted for caution—choosing to stick with its traditional asset strategy and avoiding crypto exposure amid ongoing volatility and regulatory uncertainty.
Quick Facts:
- McDonald’s excluded a shareholder proposal to assess Bitcoin investment from its annual meeting agenda, with SEC approval.
- The proposal was submitted by the National Center for Public Policy Research, advocating for Bitcoin’s inclusion in the company’s treasury.
- The SEC agreed that the proposal pertains to ordinary business operations, allowing its exclusion from shareholder discussions.
- McDonald’s decision highlights the company’s cautious stance on cryptocurrency adoption, contrasting with other corporations embracing digital assets.
