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 Bitcoin Magazine stated that the company does not want to need to request permission from banks to start projects using their own money.
When Dunworth was asked why Spinesmith didn’t want banks, Dunworth replied that Spinesmith had purchased Bitcoin to hedge against inflation and because of ‘banking excess’
Spinesmith Holdings is the parent company of Thermi and Spinesmith. It is also a medical device manufacturer and biotech research and design firm. A source close to this matter said Bitcoin Magazine the company has collaborated with Parker Lewis from Unchained Capital in setting up their multisignature custody system.
Dunworth said that Unchained was chosen by the company because it likes’supporting Fellow Austin Texas companies’ and because the multisignature vaults made economic sense for business holdings, and payments. Unchained was highly recommended by Dunworth, who also said that working with Phil Geiger, Parker Lewis, and Michael Tanguma was a great experience.
Kevin Dunworth, the founder of the company, stated that he had more than one Bitcoin and less than Tesla or 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 the bitcoiners community because it marks another American firm adopting a Bitcoin standard.