Business intelligence company MicroStrategy announced Sunday that its board of directors will now receive bonuses in bitcoin (BTC) instead of cash.
An amended Form 8-K filed with the U.S. Securities and Exchange Commission disclosed MicroStrategy’s decision to forgo cash bonuses and use bitcoin to compensate board members. Changing the storage status :
In the future, non-employee directors will receive all compensation for their services on the company’s board in bitcoin, not cash.
MicroStrategy has been investing in bitcoin since the late 2020s, buying small amounts here and there, until it eventually amassed a war chest of BTCs worth over $4 billion.
The Form 8-K states that MicroStrategy believes bitcoin can serve as a reliable store of value and it prizes its open nature, meaning it is not subject to a legal entity.
In endorsing bitcoin as a form of clearing for services provided by the board, the board cited its commitment to bitcoin given its ability to serve as a store of value supported by a robust and open architecture that is not tied to government monetary policy, according to the filing.
The dollar amount of bonuses paid to Board members will not change under the new system. Instead, the dollar value of the bonus in question is converted into bitcoins at the time of payment and sent to the admin’s wallet. The rankings continue to evolve:
Under this amended rule, the compensation payable to non-exempt directors remains unchanged and is nominally expressed in U.S. dollars. At the time of payment, the payment is converted from USD to Bitcoin by the payment processor and then credited to the digital wallet of the concerned non-employee administrator.
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