MicroStrategy to Pay Board Members in Bitcoin
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In an SEC filing dated today, MicroStrategy noted that: "Going forward, non-employee directors will receive all fees for their service on the Company’s Board in bitcoin instead of cash."
The filing elaborates on both the reasoning behind this decision, as well as the implementation:
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.
Under this modified arrangement, the amount of Board fees payable to non-employee directors remains unchanged and will be nominally 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.
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