MicroStrategy Directors Now Receive Board Fees in Bitcoin
MicroStrategy, a publicly-listed company spearheaded by Michael Saylor, who’s arguably one of Bitcoin’s biggest proponents, will now pay the board fees to its non-employee directors in bitcoin.
- According to a new filing with the United States Securities and Exchange Commission (SEC), MicroStrategy has modified the compensation arrangements for non-employee directors.
- Per the document, they will “receive all fees for their service on the Company’s Board in bitcoin instead of cash.”
- Going even further, the filing reads that “in approving bitcoin as a form of compensation for Board service, the Board cited its 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.”
- As to the technicalities of the payments, the amount of the compensation payable to each non-employee director will remain unchanged and nominally denominated in USD. However, at the time of payment, the fees will be converted from USD into bitcoin using a payment processor and deposited to the wallets of the applicable non-employee directors.
- With this move, the company cements its already bullish stance on Bitcoin and highlights its strong belief in the primary cryptocurrency and the technology that underpins it.
- The company is also getting closer to owning almost 100,000 bitcoins.