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MicroStrategy is among the first publicly-listed companies that invested in Bitcoin and is known for its massive BTC holdings. The Nasdaq-listed business intelligence firm recently amended its compensation package for its non-employee directors allowing them to receive bonuses in BTC instead of cash.
The company revealed its amendments in its 8-K form filing with the United States Securities and Exchange Commission, according to Cointelegraph. The company’s board made its decision to switch from cash to BTC bonuses on Sunday.
“On April 11, 2021, the Board of Directors (the “Board”) of MicroStrategy Incorporated (the “Company”) modified the compensation arrangements for non-employee directors. Going forward, non-employee directors will receive all fees for their service on the Company’s Board in bitcoin instead of cash,” MicroStrategy’s modified filing stated.
The company also reaffirmed its belief in Bitcoin’s function as a store of value as well as its open-source nature. “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,” the Nasdaq-listed firm added.
However, the amended agreement won’t change the dollar amount of the directors’ bonuses. The company explained that the amount will be converted to Bitcoin using the rate at the time of payment and the crypto directly sent to the wallets of the directors.
“Under this modified arrangement, the amount of Board fees payable to non-employee directors remains unchanged and will be nominally denominated in USD,” MicroStrategy explained. “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 business intelligence firm has been aggressively buying Bitcoin since it made its first BTC purchase in August last year, according to Bitcoin.com. It now boasts of having the largest BTC holdings among publicly-listed companies.
“The company holds approximately 91,579 bitcoins that were acquired at an aggregate purchase price of $2.226 billion and an average purchase price of approximately $24,311 per bitcoin, inclusive of fees and expenses,” MicroStrategy announced on April 5, 2021.
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