MicroStrategy has been one of the leading corporate entities with heavy investments in the cryptocurrency space. The company has now gone a step further to start paying some of its board of directors in Bitcoin.
MicroStrategy adopts Bitcoin payment for the board of directors
Business intelligence firm MicroStrategy has announced that it would start paying some of its board of directors in Bitcoin. The firm’s board stated that the company’s commitment to Bitcoin is why it adopts it as a payment method.
According to the 8-K form filed with the US Securities and Exchange Commission earlier today, MicroStrategy revealed that starting from April 11, the non-employee directors on its board will receive all fees for their service in BTC instead of cash.
MicroStrategy stated that “On April 11, 2021, the Board of Directors (the “Board”) of MicroStrategy Incorporated (the “Company”) modified the compensation arrangements for non-employee directors. Going forward, non-employee directors will receive all fees for their service on the Company’s Board in bitcoin instead of cash. 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.”
The board added that its commitment to Bitcoin is strong, and that is why it is paying some of the directors using the cryptocurrency. Under this arrangement, the fees would be converted from the US Dollar to BTC and deposited into the directors’ digital wallets.
MicroStrategy is bullish on Bitcoin
MicroStrategy is one of the most bullish corporate entities in the cryptocurrency space. Over the past few months, MicroStrategy has bought bitcoins worth over $1 billion. Earlier this month, the business intelligence firm bought 253 more BTC for $15 million in cash. It now holds about 91,579 BTC.
The company is joined by the likes of Tesla in the billion-dollar Bitcoin investment club. MicroStrategy is extremely bullish on Bitcoin and intends to hold the cryptocurrency for years.