MicroStrategy’s board of directors are now going to receive their bonuses in Bitcoin, the company has announced.
In documents filed with the U.S. Securities and Exchange Commission, the company said:
“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.”
Although the value of these bonuses will initially be calculated in dollars, it will then be converted into Bitcoin and deposited into their digital wallets.
Bitcoin Spending Spree Continues
Last week, MicroStrategy announced that it had purchased even more Bitcoin — 253, to be exact. It’s now the proud owner of 91,579 BTC as a result. Collectively, this crypto haul has cost the company about $2.226 billion, with the business intelligence firm paying $24,311 for each Bitcoin on average.
MicroStrategy was a first mover when it came to holding Bitcoin on its balance sheet, and the bet that began last August has been paying off. At the time of writing, this BTC stash is now worth $5.5 billion, meaning that it’s sitting on paper profits of about $3.3 billion. Not bad for eight months’ work.
It hasn’t always been plain sailing. Last month, reports suggested that HSBC is no longer allowing its customers to purchase MicroStrategy stock through its trading platform — stating that it will “not participate in facilitating (buy and/or exchange) product relating to virtual currencies, or products related to or referencing the performance of virtual currency.”
All of this means that HSBC InvestDirect customers are unlikely to be able to take advantage of the upcoming direct listing of Coinbase stock on Wednesday.
Bitcoin is largely flat on the week at the time of writing, but managed to race above $61,000 over the weekend, taking it temptingly close to a new all-time high.