Business intelligence firm MicroStrategy announced on Sunday that the board will now receive remuneration in bitcoin (BTC) instead of cash.

The amended Form 8-K, sent to the US Securities and Exchange Commission, reveals MicroStrategy’s decision to waive cash rewards and use Bitcoin instead of compensating the company’s board members. Modified shipping cases:

“From now on, non-employees board members will receive all fees for their services on the company’s board in bitcoins, not cash.”

MicroStrategy has had an average dollar value in bitcoin since the end of 2020, and bought small amounts here and there until it eventually builds up a war fund worth over $ 4 billion in bitcoin.

Model 8-K mentioned MicroStrategy’s confidence that Bitcoin can function as a reliable store of value, and praised its open source code, meaning that it is not owned by a single business entity.

“By approving Bitcoin as a form of compensation to serve the board, the board indicated its commitment to Bitcoin given its ability to function as a value store, backed by robust open source development and not related to sovereign monetary policy.

The amount of bonuses paid to board members will not change under the new system. Instead, the dollar value of the current bonus is converted to Bitcoin at the time of payment and sent to the principal’s wallet. Explains the bail:

Under this revised procedure, the size of board fees due to non-employed board members remains unchanged and will be nominal in US dollars. At the time of payment, the commission is converted from USD to bitcoin by the payment system and then transferred to the digital wallet of the relevant non-employee. “

Source: CoinTelegraph

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