MicroStrategy to Now Pay its Board of Directors in Bitcoin Instead of Cash
MicroStrategy has taken yet another step towards its Bitcoinization. The publicly-listed business intelligence company will now start paying its board of directors in BTC, currently trading above $60k.
This latest step is the result of a modification made on April 11 to the compensation arrangements for non-employee directors. The latest filing reads,
“Going forward, non-employee directors will receive all fees for their service on the Company's Board in Bitcoin instead of cash.”
By approving bitcoin as a form of compensation, the company says the board is showing its commitment to bitcoin’s ability to “serve as a store of value, supported by a robust and public open-source architecture, untethered to sovereign monetary policy.”
The fees payable to the board will remain unchanged and nominally denominated in USD. It will be converted from USD into Bitcoin at the time of payment through a payment processor and then deposited into the relevant person's digital wallet.
MicroStrategy first started buying Bitcoin in August 2020, replacing the debasing fiat with BTC in its Treasury, and the continuous accumulation has them currently holding 91,579 BTC.
MSTR shares are currently trading at $711, down from its ATH of $1,273 in early February but up from $123 in August 2020.