The software intelligence company turned bitcoin champion MicroStrategy has announced that it will now pay its Board of Directors in Bitcoin.
Nasdaq listed Microstrategy, which has amassed almost 100k bitcoins in its treasury, had modified its compensation agreements for the board of directors.
“The Board of Directors of Microstrategy is now paid in Bitcoin,” says Michael Saylor’s via tweet.
Microstrategy has filed a form with the U.S. Securities and Exchange Commission (SEC) stating that its BOD has “modified the compensation arrangement for non-employee directors”. Filing explains, “Going Forward, non-employee directors will receive all fees for their services on the company’s board in bitcoin instead of a cash”. According to the U.S SEC form 8-k posted on the firm’s website.
“In approving bitcoin as a form of compensation for board services, the board cited its commitment to bitcoin given its ability to serve as a store of values, supported by a robust and public open-source architecture, untethered to sovereign monetary policy,” as per the form.
In the latest announcement on April 5 regarding the acquisition of bitcoin, the company revealed that “It purchased approximately 253 bitcoins for $ 15.0 million in cash, bringing its holding to about 91,579 BTC.”