The bitcoin appetite of business intelligence giant MicroStrategy sees no end. The firm, which is already a repeat BTC buyer, has revealed that all the members of MicroStrategy’s board of directors can now receive their paycheck in bitcoin. In his announcement on Twitter today, CEO Michael Saylor shared the SEC 8-K filing report, informing its shareholders of the new development.
Per the announcement, the company’s board “modified the compensation arrangements for non-employee directors”. Going forward, these directors will receive their board fees in bitcoin rather than cash.
The board’s decision to offer bitcoin payments emphasizes its commitment to the pioneer cryptocurrency which acts as the foremost store of value.
“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.”
With this new setting, the overall amount of board fees paid to the directors will remain the same and will be USD-denominated. The fees will, however, be converted from the U.S. dollar to BTC at the time of payment before being deposited to the respective digital wallets of the non-employee directors.
MicroStrategy Now Holds More Than $5 Billion In BTC
Notably MicroStrategy has been accumulating BTC since August 2020, buying every now and then. The firm now has a warchest of over $5 billion worth of bitcoin. This means that MicroStrategy has the biggest BTC treasury of all publicly-traded firms. For perspective, the firm now holds 91,579 BTC — which translates to over $5 billion — after purchasing 253 additional bitcoin on April 5.
CEO Saylor has turned out to be one of the biggest crypto evangelists, even advocating for holding bitcoin for 100 years or so.
Other popular companies like Tesla and Square have followed in MicroStrategy’s footsteps and added billions of dollars worth of BTC to their balance sheets. Speaking during a virtual conference earlier this year, Saylor asserted that more companies will convert their excess cash into bitcoin to protect it from the devaluing fiat money amid the global economic uncertainty and fears of runaway inflation.