MicroStrategy already holds over $5 billion in Bitcoin cash. To further democratize cryptocurrencies, the company will now pay its board members in BTC.
MicroStrategy and its executives are not deviating from their trajectory. Their goal: to support the democratization of Bitcoin within the enterprise. And with $5 billion in BTC capital, the firm has every interest in doing just that.
Its new tool in favor of democratization: the bonuses of its executives. In a document, the software company announced that the non-employee members of its board of directors will now receive their bonuses in the form of Bitcoin.
“In the future, non-salaried directors will receive all fees for their service on the company’s board of directors in Bitcoin and no longer in cash,” MicroStrategy clearly states.
For the publisher, there is no doubt that Bitcoin is a store of value. And so the decision was endorsed by the board members. BTC also benefits from a “robust and public open-source architecture, not tied to any sovereign monetary policy. “
Bitcoin, then, rather than cash, but for the same total amount. In this system, principals will have their payments converted to Bitcoin at the value of the asset at settlement.
BTC will be transferred directly to executives’ e-wallets. The “amount of board bonuses payable to non-employee directors remains unchanged and will be nominally denominated in USD,” the document states.
“At the time of payment, compensation will be converted from USD to Bitcoin by the payment processor and then deposited into the relevant non-employee director’s digital wallet,” the new policy further states.
Since its first Bitcoin acquisition in August 2020, MicroStrategy has thus continued its crypto-asset strategy. To date, the publisher holds more than $5 billion worth of BTC. This makes it one of the largest institutional holders of Bitcoin, ahead of Tesla and Square, for example.
But for its CEO Michael Saylor, these players represent only the “tip of the iceberg”. The executive predicts that an “avalanche of companies” will also adhere to this pro-crypto policy.