A popular business analytics company, MicroStrategy, has announced that it will begin paying its board of directors in Bitcoin. As one of the most prominent institutional investors in Bitcoin, this announcement supports its motive to push for crypto adoption. According to a statement released by the company, its non-employee directors will receive their salaries in Bitcoin. The company stated:
“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.”
The Chief Executive Officer of MicroStrategy, Michael Saylor, also shared Form 8-K and confirmed the news. The form revealed that the company currently held 91,579 Bitcoin acquired at an aggregate price of $2.26 billion. In the past week, MicroStrategy has also added $15 million worth of Bitcoin to its wallet, as the digital asset traded close to $59k.
MicroStrategy is a Bitcoin enthusiast
As institutional adoption is rising, MicroStrategy has been one of the biggest institutions to invest in Bitcoin. The company has invested more than $2 billion in BTC over the past few months, and it is relentless in building its portfolio. However, other companies—such as Grayscale and Square—are also acquiring as many BTC as possible. Although this seems like a competition (a healthy one), it is pushing for wider crypto adoption.
Besides, the addition of Bitcoin has helped MicroStrategy’s stock. In September 2020, when the company announced its intentions to buy Bitcoin, its stock hit an all-time high of $1,272. On Friday last week, the MicroStrategy stock was trading at $711. And as the market opens on Monday, there is a tendency that we will feel the impact of Bitcoin on the stock’s price.