MicroStrategy, a publicly-held company lead 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.
- As per the new filing with the United States Securities and Exchange Commission (SEC), MicroStrategy has revised the compensation settlements for non-employee directors.
- As stated in the document, they will “receive all fees for their service on the Company’s Board in bitcoin instead of cash.”
- Advancing even further, the document 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 legal rules of the payments, the compensation payable to each non-employee director will remain constant and nominally denominated in US Dollars. However, at the time of payment, the fees will be converted from USD to bitcoin using a payment processor and transferred to the wallets of the appropriate non-employee directors.
- With this progress, the company sticks to its bullish stance on Bitcoin and shows its strong faith in the primary cryptocurrency and the technology that supports it.
- The company is also reaching to own almost 100,000 bitcoins.