Bitcoin bonuses instead of cash for MicroStrategy board of directors

Paying cash as a bonus seems to be out of the window for the MicroStrategy directors’ board.

Share

The board of directors will receive their bonuses in Bitcoin instead of the dollar announced MicroStrategy on Sunday.

This was uncovered after the United States SEC received a modified 8-K form filed from the MicroStrategy Company that had announced its decision to reward its board of directors with Bitcoin instead of the traditional way of paying them in dollar:

“Going forward, non-employee directors will receive all fees for their service on the Company’s Board in bitcoin instead of cash.”

This company has been collecting BTC randomly since the end of the last year and now this collection is worth $4B of Bitcoin. This might stem from the belief that was mentioned in their 8-K form which stated that BTC can be considered as a great source of value. The filing also says:

“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,”.

MicroStrategy has also promised that they won’t change the bonus amount, they’ll just convert it.

“Under this modified arrangement, the amount of Board fees payable to non-employee directors remains unchanged and will be nominally denominated in USD. 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.”

Categories

Cryptocurrency(5)

Latest News

ADA stands at $2 prior to Cardano smart contract announcement

Since May, this is the first time ADA hits $2 which is interesting because it happened before the introduction of Cardano smart contract. ...

SEP 13, 2021

BTC, ETC, LUNA, KLAY, AXS are the top 5 cryptocurrencies to consider this week

ETC, KLAY, LUNA, and AXS could rise higher and gain more profit if Bitcoin bounces back a support zone. ...

AUG 15, 2021

The hacker returned almost all of the $600M and rejected the $500K reward from Poly Network

In a white hat gesture, Poly Network hacker gave back all of the money and said that he is neither interested in the bounty nor in responding to the offer. ...

AUG 12, 2021

$600 million was stolen in an exploit on Poly Network

In an exploit, hackers managed to steal $600 million from the Poly Network across three chains. ...

AUG 10, 2021

Tags

Bitcoin

Microstrategy

Tags

Bitcoin

Microstrategy