A small Texas biotech company, Spinesmith Holdings, which generates over $15 million in annual revenue, will convert their balance sheet to Bitcoin for long term holding to avoid the overreach of banks.
Specifically, the company doesn’t want to have to ask permission from the bank to embark on projects with their own funds, a spokesman told Bitcoin Magazine.
When asked why the company didn’t want to use banks, CEO Kevin Dunworth commented that Spinesmith was purchasing Bitcoin as a “hedge against inflation,” and due to “banking overreach.”
Spinesmith Holdings, the parent company for Thermi, Spinesmith and Celling Biosciences, is a biotech research and development firm and medical device manufacturer. A source close to the matter told Bitcoin Magazine that the firm has worked with Parker Lewis at Unchained Capital to set up their multisignature custody solution.
Dunworth stated that the company chose to work with Unchained because it liked “supporting Fellow local Austin Texas companies,” and also because the “multisignature vaults made sense for business holdings and payments.” He said Unchained, “came highly recommended and working with Parker Lewis, Phil Geiger, and Michael Tanguma was great.”
Founder Kevin Dunworth commented that, “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.”
The company is also looking into paying its employees in Bitcoin, and is still working on developing the financial infrastructure to do so.
For the future, Dunworth said that Spinesmith is “amenable to hodling long term, paying employees in Bitcoin and accepting Bitcoin as payments is imminent for devices.”
While the company may be small, it is a notable win for bitcoiners community as it marks one more American firm that adopted a Bitcoin standard.