MicroStrategy will henceforth provide payments to its board of directors in bitcoin. This was announced by 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
“On April 11, 2021, the MicroStrategy board of directors changed the pay model for non-employee directors. In the future, they will receive all commissions for services provided to the company in bitcoin instead of the traditional currency, says a report to the US Securities and Exchange Commission (SEC). “In endorsing bitcoin as a vehicle for compensation, the board is guided by a commitment to bitcoin in terms of its ability to serve as a store of value, supported by a robust and open architecture that is not tied to sovereign monetary policy.”
The amount of payments will remain the same and will be nominally calculated in US dollars.
“At the time of payment, commissions will be converted from USD to bitcoin by the processing service, and then transferred to digital wallets of eligible directors,” the firm adds.
MicroStrategy’s board of directors has five members, including Sailor himself. To date, the company has invested over $ 2.2 billion in bitcoin, concentrating under its management about 91,579 BTC worth $ 5.5 billion at the current exchange rate.
Earlier it became known that HSBC bank prohibits its clients from buying MicroStrategy shares due to the company’s investment in bitcoin.
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