Non-Employee Board Of Directors To Receive Salary In BTC
The company’s CEO and founder Michael Saylor made this announcement via Twitter. MicroStrategy also filed a form with the U.S. Securities and Exchange Commission (SEC). It stated that this approval signifies the firm’s commitment to Bitcoin and its ability to serve as a store of value.
In its SEC filing, the software company also noted that the board fees payable to directors will be unchanged and will continue to be nominally denominated in U.S. dollars under the new agreement.
“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.” the filing reads.
MicroStrategy’s Bitcoin Portfolio
So far, MicroStrategy reportedly holds 0.436% out of the 21 million Bitcoin in circulation, and this is worth $5.4 billion. Companies like electric car manufacturer Tesla Inc. and payment firm Square also have a large Bitcoin portfolio.
Tesla holds approximately 48,000 Bitcoin. After Tesla announced a $1.5 billion investment in Bitcoin in February, MicroStrategy’s CEO said 2021 is the year of institutional investment in cryptocurrency.
With fiat currencies depreciating, Saylor said that the simple, most value-creating thing companies could do is convert cash from analog money into a digital asset like Bitcoin. According to him, many companies would soon follow suit.