That’s what you call commitment to the crypto! With MicroStrategy treasury growing to nearly 100K Bitcoins, the Nasdaq listed company has modified its compensation agreements for the board of directors.
Basically, the firm will now pay non-employee directors in Bitcoin, citing its commitment to the cryptocurrency given its ability to serve as a store of value.
MicroStrategy has filed a form with the US Securities and Exchange Commission stating that going forward, directors will receive all fees for their services on the company’s board in Bitcoin instead of cash.
As noted there:
“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 SEC filing further clarifies that under the new agreement, the board fees payable to directors will remain unchanged and will continue to be denominated in the US dollars.
In other words, the fees will be converted from USD into Bitcoin by the payment processor at the time of payment and then deposited into the digital wallet of the applicable non-employee director.
MicroStrategy has been on an aggressive acquiring spree since it made the world’s most popular cryptocurrency the company’s primary reserve currency back in August last year. As of April 5, the firm holds approximately 91,579 bitcoins that were purchased at an average purchase price of $24,311.
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