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Texas Biotech Company To Convert Its Balance Sheet To Bitcoin

Texas Biotech Company To Convert Its Balance Sheet To Bitcoin
  • Spinesmith Holdings announced it will convert its balance sheet to Bitcoin.
  • This is to avoid the overreach of banks.

Texas biotech company, Spinesmith Holdings, announced it will convert its balance sheet to Bitcoin for long-term holding to “avoid the overreach of banks.”

According to the company spokesman, Spinesmith Holdings doesn’t want to ask permission from the bank every time they want to start projects with their own funds.

In addition, CEO Kevin Dunworth replied when they asked why the company didn’t want to use banks. Dunworth said that Spinesmith was buying Bitcoin as a “hedge against inflation,” and due to “banking overreach.”

More so, the firm chose to work with Unchained Capital — the company that builds products for long-term bitcoin holders. Besides, they added that they chose this firm because it liked supporting fellow local Austin Texas companies. And because the “multi-signature vaults made sense for business holdings and payments.”

Even more, Kevin Dunworth also addressed the question of whether they own bitcoin or not. He said,

The company holds more than one Bitcoin but less than Tesla and Microstrategy. We are happy with the process thus far and plan to add to the holdings quarterly.

Aside from this, the company is reportedly looking into paying its employees in Bitcoin. But, it is working on developing the financial infrastructure before doing that. Dunworth said.

Spinesmith is amenable to hodling long term, paying employees in Bitcoin and accepting Bitcoin as payments are imminent for devices

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Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.