MicroStrategy has taken another step in the direction of Bitcoinization. The publicly traded market intelligence firm will now begin paying its board of directors in Bitcoin (BTC), which is currently trading for more than $60,000.
This latest move is the product of a change to the pay arrangements for non-employee directors made on April 11. According to the most recent filing,
“Going forward, non-employee directors will receive all fees for their service on the Company’s Board in Bitcoin instead of cash.”
The business claims that through authorizing bitcoin as a means of compensation, the board is demonstrating its belief in bitcoin’s ability to function as a store of value, backed by a robust and open-source infrastructure that is untethered from sovereign monetary policy.
The board’s payments would remain unchanged and nominally denominated in US dollars. It will be converted from USD to Bitcoin and deposited into the appropriate person’s digital wallet by a payment processor at the time of payment.
MicroStrategy began purchasing Bitcoin in August 2020, replacing depreciating fiat with BTC in its Treasury, and they now have 91,579 BTC in their possession.
MSTR stock is currently trading at $711, down from its all-time high of $1,273 set in early February but up from $123 in August 2020.