Crypto-favorite firm MicroStrategy revealed yesterday that it had decided to pay its board of directors in Bitcoin. The Nasdaq-listed company said that non-employee directors would receive all fees for their service in BTC and not in cash.
“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,” the statement reads.
The company has also revealed that it will convert directors’ fees from the US dollar to BTC when the payment takes place by using a payment processor and deposit into directors’ digital wallets. The name of the payment processor hasn’t been revealed yet.
MicroStrategy began its crypto-experience back in August 2020 when it became the first publicly traded company in the US that invested in cryptocurrency as part of its balance sheet, according to TheBlockCrypto.com. Since then, MicroStrategy has bought 90,531 BTC, with a current worth of $5.5 billion.