Microstrategy, which is listed on NASDAQ, has accumulated nearly 100,000 bitcoins in its inventory and has revised its compensation agreement to the board of directors. The company will now pay salaries to non-employee directors in Bitcoin, on the grounds that its commitment to this cryptocurrency “benefits from the support of a strong public open source architecture, and its ability to act as a store of value without being affected by a sovereign currency Policy constraints.”
The board of directors will be paid in Bitcoin
Microstrategy Inc. (NASDAQ: MSTR) has submitted a form to the U.S. Securities and Exchange Commission (SEC) stating that its board of directors “has revised the remuneration arrangements for non-employee directors.” The document explains: “In the future, non-employee directors will Obtain all fees for its services on the company’s board of directors in Bitcoin instead of cash,” and added:
When approving Bitcoin as a compensation method for the board’s services, the board cited its commitment to Bitcoin because it has a strong value storage capacity and is supported by a strong and open open source architecture, not a sovereign currency Policy constraints.
The SEC document further clarified that under the new agreement, the board fees payable to directors will remain unchanged and will continue to be denominated in U.S. dollars. It also stated: “At the time of payment, the fee will be converted from U.S. dollars to Bitcoin by the payment processor and then deposited in the applicable digital wallet of the non-employee director.”
Since last August, Microstrategy has been actively acquiring Bitcoin because it makes the cryptocurrency the company’s main reserve currency. In the latest announcement on the acquisition of Bitcoin on April 5, the company revealed: “It has purchased approximately 253 Bitcoins for USD 15 million in cash, with an average price of approximately USD 59,339 per Bitcoin, including fees and expenses. .” As of April 5, Microstrategy stated:
The company holds approximately 91,579 bitcoins, with a total purchase price of US$2.226 billion, with an average purchase price of approximately US$24,311 per bitcoin, including fees and expenses.
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