MicroStrategy board administrators will now be paid in Bitcoin, CEO Michael Saylor stated in a tweet right now.
“The Board of Administrators of MicroStrategy is now paid in Bitcoin,” the tweet learn. The board of administrators is a panel of high-profile people who’re elected to symbolize and defend shareholder pursuits and managing company oversight.
— Michael Saylor (@michael_saylor) April 12, 2021
As per the corporate’s investor relations web page, MicroStrategy has a complete of 5 board administrators together with Saylor. These are Stephen Graham, Jarrod M. Patten, Carl J. Rickertsen, and Leslie Rechan.
In a submitting to the US Securities and Change Fee, MicroStrategy clarified how the director charges in Bitcoin shall be paid out. “Going ahead, non-employee administrators will obtain all charges for his or her service on the Firm’s Board in Bitcoin as a substitute of money,” the filing learn.
It famous that the adoption of Bitcoin as a type of compensation for Board service got here amidst MicroStrategy’s “dedication to Bitcoin given its skill to function a retailer of worth, supported by a sturdy and public open-source structure, untethered to sovereign financial coverage.”
As such, the quantity of charges payable to the non-employee administrators would stay unchanged and shall be nominally denominated in USD. Nonetheless, on the time of cost, the charges shall be transformed from USD into Bitcoin by a cost processor after which deposited into the digital pockets of the director.
MICROSTRATEGY TO PAY BOARD OF DIRECTORS IN BITCOIN.
“On the time of cost, the charges shall be transformed from USD into bitcoin by the cost processor after which deposited into the digital pockets of the relevant non-employee director.” pic.twitter.com/tLBmCVRbr6
— Neil Jacobs (@NeilJacobs) April 12, 2021
The transfer marked the primary time an organization within the US (or the world) select to pay its administrators in Bitcoin as a substitute of fiat cash. MicroStrategy was additionally the primary main enterprise to speculate its treasury funds (the agency sits on 90,000 BTC), paving the trail ahead for others like Tesla, Sq., and Meitu to make comparable purchases.
May corporations observe MicroStrategy’s lead of paying administrators in Bitcoin now?
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