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.
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.”
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