decrypt.co
The board of Business intelligence firm MicroStrategy is now paid in Bitcoin, per MicroStrategy CEO Michael Saylor.
The Board of Directors of @MicroStrategy is now paid in #bitcoin. $MSTRhttps://t.co/3ChlkCNZOT
— Michael Saylor (@michael_saylor) April 12, 2021
Per the company announcement, the Board of Directors "modified the compensation arrangements" for directors that were classified as non-employees. Such directors will—going forward—receive "all fees" for their services in Bitcoin instead of cash.
In approving this change, 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."
Under the new arrangement, the amount of Board fees payable to non-employee directors remains unchanged, and, per the announcement, will be nominally denominated in USD. At the time of payment, fees will be converted from USD to Bitcoin, and then deposited to the applicable non-employee director's digital wallet.
The news follows MicroStrategy's long line of investments into Bitcoin, which began in August 2020. To date, the company has invested over $5 billion into Bitcoin.