Home » The Balance Sheet of a Biotech Business Has Been Converted to Hodl Bitcoin

The Balance Sheet of a Biotech Business Has Been Converted to Hodl Bitcoin

by CryptoWordTalk

Spinesmith Holdings is a small Texas biotech company that generates more than $15 million annually in revenue. They will convert their balance sheet into Bitcoin to allow for long-term holding and avoid banks’ overreach.

A spokesperson for the company told Bitcoin Magazine that the company does not want to need to request permission from banks to start projects using their own money.

Kevin Dunworth, CEO of Spinesmith, stated that Spinesmith purchased Bitcoin to hedge against inflation and because banks were too intrusive.

Spinesmith Holdings is the parent company of Thermi and Spinesmith. It is also a medical device manufacturer and biotech research and design firm. According to a source, the company has collaborated with Parker Lewis of Unchained Capital in setting up their multisignature custody system.

Dunworth said that Unchained was chosen by the company because they liked “supporting Fellow Austin Texas companies” and because the multisignature vaults made it easy for business holdings as well as payments. Unchained was highly recommended by Dunworth, who also said that he enjoyed working with Phil Geiger, Parker Lewis, and Michael Tanguma.

Kevin Dunworth, founder of the company, stated that it holds more Bitcoins than Tesla and Microstrategy. We are pleased with the progress so far and will continue to increase the holdings each quarter.

The company is also considering Bitcoin payments for its employees and is currently developing the infrastructure necessary to do so.

Dunworth stated that Spinesmith was “amenable” to hodling long-term, paying employees in Bitcoin, and accepting Bitcoin payments as a payment is imminent for devices.

Although the company is small, it’s a significant win for bitcoiners as it marks another American firm adopting a Bitcoin standard.

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