MicroStrategy announces Bitcoin bonuses for board of directors instead of cash

MicroStrategy announces Bitcoin bonuses for board of directors instead of cash

Business intelligence firm MicroStrategy announced on Sunday that its board of directors will now receive bonuses in Bitcoin (BTC) instead of cash.

A modified 8-K form filed with the United States Securities and Exchange Commission revealed MicroStrategy’s decision to dispense with cash bonuses and instead use Bitcoin to compensate those on the company’s board. The modified filing states:

Our top trading bots

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

MicroStrategy has dollar-cost averaged into Bitcoin since the end of 2020, buying small amounts here and there until it eventually accumulated a war chest of over $4 billion worth of BTC.

The 8-K form stated MicroStrategy’s belief that Bitcoin could function as a reliable store of value and commended its open-source nature, which means it isn’t beholden to any one corporate entity.

“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,” states the filing.

The dollar amount of bonuses paid to board members will not change under the new system. Instead, the dollar value of the bonus in question will be converted to Bitcoin at the time of the payment and sent to the director’s wallet. The filing elaborates:

“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.”

Read on here Cointelegraph
'You'd better buy some Bitcoin' — BTC figures defy Canada gov't as ETF assets hit record
Canada's war on Bitcoin (BTC) appears to be backfiring as the country's flagship exchange-traded fund (ETF) adds thousands of BTC.Data from on-chain monitoring...
Robinhood hits new low as FTX US and Bitstamp USA move into stocks
Crypto exchanges FTX US and Bitstamp USA are working on offering stock trading, which would be a further blow to Robinhood as its share price slumps to...
MicroStrategy added 9,000 BTC last quarter, its stash is now worth $7 billion
MicroStrategy added almost 9,000 Bitcoin to its holdings in Q3, bringing its total BTC stash to a valuation of around $7 billion. The company highlighted...
Cuba set to recognize and regulate cryptocurrency
The Cuban government is reportedly planning to recognize and regulate cryptocurrencies for payments.According to Aljazeera, the Caribbean nation’s central...
Publishing platform Substack now accepts Bitcoin payments
An integration with payment processor OpenNode will allow content platform Substack to accept Bitcoin payments on-chain and using the Lightning Network.In...
What bear market? Investors throw record cash behind blockchain firms in 2021
Despite the recent slight recovery of the cryptocurrency market, there is no denying the fact that the crypto industry has been faced with a great deal...
Fidelity purchases 7.4% stake in Marathon Digital Holdings for $20M
Multinational financial services firm, Fidelity Investments, has announced the purchase of a 7.4% stake of major North American mining company, Marathon...
Bitcoin Taproot locked in to improve privacy and introduce smart contracts
On June 12, Bitcoin (BTC) mining pool Slush Pool mined block 687,285 with the transaction including a Taproot upgrade activation signal. That particular...
Price analysis 6/11: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, UNI, LTC, BCH
Bitcoin’s (BTC) failure to rise above the critical $40,000 to $42,000 resistance zone is keeping crypto traders on tenterhooks. Some analysts view the sharp...
Dfinity responds to Internet Computer decentralization and privacy concerns
Dfinity, the team behind the Internet Computer protocol, or ICP, has fired back at critics of its decentralization and privacy features in an “Ask Me Anything”...
Here are 2 key price indicators every crypto trader should know
Technical analysis, the study of chart patterns, is a tool that helps traders increase their edge over others. This is done by keeping the trader on the...
GoodFi coalition adds 22 industry leaders to help attract 100M to DeFi
Non-profit decentralized finance alliance, GoodFi, has announced the addition of 22 DeFi industry leaders to its newly formed Board of Advisors including...
Garry Tan’s 2013 investment of $300K in Coinbase is now worth $2.4B
Garry Tan, a prominent angel investor and the founder of Initialized Capital, was one of the first investors to provide seed funding to Coinbase eight years...
The First Islamic Cryptocurrency Was Created In Malaysia
The cryptocurrency of Malaysian firm HelloGold has successfully passed the procedure of certification of compatibility with Sharia.The cryptocurrency product,...
Top 5 Blockchain Trends 2018
Many people discuss the high potential and the revolution in blockchain technology. But only this year, the concept began to attract the public attention....