MicroStrategy holds 91,579 bitcoin and is now exploring a new idea to implement bitcoin inside the company directors board.
According to a filing with the US Securities and Exchange Commission published on Monday, MicroStrategy declared that starting from April 11 non-employee directors of the company board will no longer get their fees compensated in fiat currency. From now on, these members will receive the payment for their services in bitcoin.
“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.”was written in the filing.
The firm is focused on business intelligence (BI), cloud-based services, and mobile software, and is widely known for being the company holding the biggest quantity of bitcoins.
The fees that non-employee directors of the company board will receive won’t change in value.
“At the time of payment, the fees will be converted from U.S. dollars into bitcoin by the payment processor and then deposited into the digital wallet of the applicable non-employee director.”the company declared.
MicroStrategy was the first publicly listed company that began investments in bitcoin in 2020. After their first investment, many more firms followed and implemented bitcoin in their balance sheets.
MicroStrategy didn’t stop and made another purchase of 295 BTC in February. The last investment that was made by the company dates less than two weeks ago when another 253 BTC were acquired. This amount was worth $15 million on the day they were bought.
“This investment reflects our belief that Bitcoin, as the world’s most widely adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.”Michael J. Saylor, CEO, MicroStrategy Inc.