Business intelligence firm MicroStrategy has announced that its compensation agreement has been amended to allow non-employee directors to get paid in Bitcoin:

On April 11, 2021, the Board of Directors (the “Board”) of MicroStrategy Incorporated (the “Company”) modified the compensation arrangements for non-employee directors. Going forward, non-employee directors will receive all fees for their service on the Company’s Board in bitcoin instead of cash.

The company claims that the decision has underscored the board’s commitment to the cryptocurrency that acts as a store of value:

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 fees will be denominated in USD before getting converted into Bitcoin and deposited to a director’s digital wallet.

MicroStrategy’s Bitcoin holdings eclipse $5 billion

MicroStrategy currently holds 91,579 BTC (over $5.5 billion) on its balance sheet after CEO Michael Saylor emerged as one of the cryptocurrency’s most ardent supporters. The firm’s most recent purchase was announced last week.

Canaccord Genuity analyst Joseph Vafi believes that the company’s future now hinges on its Bitcoin riches, not on its core software business:

From here, we believe the primary drivers for Microstrategy shares in descending order will be the spot price of Bitcoin, investor sentiment around the digital asset, market bet and performance in the core business.