MicroStrategy now pays its board of directors in bitcoin

Business analytics company MicroStrategy announced Monday that it will now pay its board of directors in bitcoin.

The Nasdaq-listed company said non-employee directors would receive all fees for their service in bitcoin instead of cash.

"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," said MicroStrategy.

MicroStrategy further said that it would convert directors' fees from the U.S. dollar to bitcoin at the time of payment via a payment processor and deposit into directors' digital wallets. The company did not reveal the payment processor. The Block has reached out to MicroStrategy and will update this story should we hear back.

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MicroStrategy started betting on bitcoin last August when it became the first publicly traded company in the U.S. to invest in the cryptocurrency as part of its balance sheet. Over the months, the company has purchased 90,531 bitcoin, currently worth about $5.5 billion.

Bitcoin is the "best money ever created," MicroStrategy CEO Michael Saylor told The Block in a recent interview. Saylor said, compared to gold and the U.S. dollar, bitcoin is a superior asset for a treasury given it is not deflationary by design.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.