The software-intelligence-firm-turned-bitcoin-champion MicroStrategy has announced that it will now pay its board of directors in BTC.
“Going forward, non-employee directors will receive all fees for their service on the Company’s Board in bitcoin instead of cash,” according to a U.S. Securities and Exchange Commission (SEC) Form 8-K posted on the firm’s website. “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.”
In addition to recording one of the most bullish bitcoin outlooks in the history of SEC forms, MicroStrategy may be laying the groundwork for other large businesses to compensate their own boards or other employees with BTC. MicroStrategy has organized a “Bitcoin For Corporations” summit to help onboard its peers to a bitcoin standard and its aggressive accumulation of BTC as a treasury asset, beginning in August 2020, can be seen as a bellwether of similar recent actions taken by other large corporations, such as Tesla.
The recent form posting by MicroStrategy further clarified that board fees will remain the same and will still be denominated in USD.
“At the time of payment, the fees will be converted from USD into bitcoin by the payment processor and then deposited into the digital wallet of the applicable non-employee director,” per the form.
To date, MicroStrategy has accumulated some 91,587 bitcoin, worth approximately $5,495,220,000 at the time of this writing.