Technology

MicroStrategy says non-employee directors to get fee in bitcoin

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A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken March 15, 2021. REUTERS/Dado Ruvic/Illustration

April 12 (Reuters) - MicroStrategy Inc (MSTR.O), a major bitcoin corporate backer, said on Monday its non-employee directors will get fees for their services in bitcoin , instead of cash.

Shares of the world's largest publicly-traded business intelligence company were up nearly 4% at $738 in premarket trade.

Bitcoin, the world's biggest and best-known cryptocurrency, rose above $60,000 to approach record highs on the weekend, breaking out of a two-week tight range and propelled by talk of constrained new supplies against evidence of wider adoption.

MicroStrategy said directors' fees will be converted from U.S. dollar to bitcoin by a payment processor at the time of payment.

The company spent last year steadily amassing more bitcoin after making its first investment in August as the cryptocurrency soared in value. It has since made multiple purchases of the digital currency.

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Reporting by Akanksha Rana in Bengaluru; Editing by Shinjini Ganguli

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