MicroStrategy becomes the first American company to pay its directors in Bitcoin (BTC)
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The software firm was the first major business to accumulate Bitcoin. And its are now adopting the asset in a big way.
April 12, 2021 at 1:32 pm UTC · 1 min read
MicroStrategy board directors will now be paid in Bitcoin, CEO Michael Saylor said in a tweet today.
“The Board of Directors of MicroStrategy is now paid in Bitcoin,” the tweet read. The board of directors is a panel of high-profile individuals who are elected to represent and protect shareholder interests and managing corporate oversight.
— Michael Saylor (@michael_saylor) April 12, 2021
As per the company’s investor relations page, MicroStrategy has a total of five board directors including Saylor. These are Stephen Graham, Jarrod M. Patten, Carl J. Rickertsen, and Leslie Rechan.
In a filing to the US Securities and Exchange Commission, MicroStrategy clarified how the director fees in Bitcoin will be paid out. “Going forward, non-employee directors will receive all fees for their service on the Company’s Board in Bitcoin instead of cash,” the filing read.
It noted that the adoption of Bitcoin as a form of compensation for Board service came amidst MicroStrategy’s “commitment to Bitcoin given its ability to serve as a store of value, supported by a robust and public open-source architecture, untethered to sovereign monetary policy.”
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