As per the latest reports, MicroStrategy, a prominent business intelligence firm has made surprising news for its board of directors. The firm has announced that members of its board of directors will be receiving bonuses in a new fashion.
The business intelligence firm made an announcement on Sunday, April 11, 2021, that all of its board of directors will be receiving bonuses in cryptocurrencies. The sources confirmed that MicroStrategy will carry out a bonus distribution process in Bitcoin (BTC), replacing the traditional fiat cash.
The US Securities and Exchange Commission has revealed the information around the firm’s intentions of switching from cash to BTC bonuses. The Securities and Exchange Commission (SEC) has confirmed that the latest proposal was made by MicroStrategy in their 8-K form.
In the 8-K form, MicroStrategy has revealed that it aims to dispense the idea of giving out bonuses in BTC instead of cash. The company has revealed that if approved, the members of MicroStrategy’s board will start receiving their bonuses in Bitcoin (BTC).
MicroStrategy is one of the major mainstream institutions that has gone pro-Bitcoin since the end of the 3rd quarter of 2020. Since then, MicroStrategy has made several purchases of Bitcoin (BTC) and made the first purchase back in August 2020.
Since then, MicroStrategy has accumulated enough Bitcoin (BTC) that it now has over $4 billion worth of Bitcoin (BTC) under its possession. MicroStrategy’s interest and dedication in purchasing BTC is the reflection of the proponent nature of its CEO, Michael J. Saylor.
Michael J. Saylor is one of the first mainstream personalities who had their opinion change around BTC towards the end of 2019. Since then, Michael J. Saylor has demonstrated to be one of the top proponents of BTC.
From the beginning of 2020 until today, despite the difficulties faced by Bitcoin (BTC), Michael J. Saylor and MicroStrategy have stood by the digital asset.
MicroStrategy and Michael J. Saylor have played a tremendous role in boosting the popularity and adoption rate of BTC in mainstream institutions.
In the 8-K form submitted at US SEC, MicroStrategy has revealed that BTC is a reliable source that can be used as a store of value. The company also stated that BTC has all the potential to become one of the major stores of value for many mainstream companies in the coming years.
In the filing, MicroStrategy has clarified that the bonus amounts given to the directors will not be changed. Instead, the company will calculate the bonus amount of the board members in USD and then convert them into BTC.
Each director will have their own BTC wallet that they will be using and they will have their BTC bonus sent over to them through the provided BTC wallet addresses.