Spinesmith Holdings, a Texas-based biotech company, is considering holding Bitcoin on their balance sheets in the long term as a “hedge against inflation” and “banking overreach.”
Spinesmith Holdings’ Balance Sheet Will Be Converted to Bitcoin
Bitcoin has piqued the interest of institutional investors and corporate titans, particularly in the months leading up to its price crash in May 2021. Companies began buying the leading cryptocurrency due to inflation and low interest rates as cash held on balance sheets lost value over time, fueled by the economic aftereffects of the COVID-19 pandemic.
Founder Kevin Dunworth comments on holding the exact amount of BTC:
“The company owns more than one Bitcoin, but not as many as Tesla or Microstrategy. We are pleased with the process so far and intend to add to our holdings on a quarterly basis.”
Furthermore, the company is considering paying their employees in Bitcoin and is working to build the necessary financial infrastructure.
“Spinesmith is open to long-term holding, paying employees in Bitcoin, and accepting Bitcoin as payment for devices,” Dunworth added.
The corporate world has gone all-in on Bitcoin.
In the last year, the number of companies that have adopted Bitcoin on their balance sheets has grown. Surprisingly, the companies with large BTC investments are usually run by people who have a personal interest in cryptocurrencies. This category includes Square’s Jack Dorsey, Tesla’s Elon Musk, and MicroStrategy’s Michael Saylor.
MicroStrategy and its CEO, Michael Saylor, are the biggest Bitcoin bulls of them all. The business software company paid $250 million for its first Bitcoin in August 2020. Since then, the company has continued to acquire more of the digital asset in varying amounts, and it now has 105,085 BTC on hand.
Following MicroStrategy, the most Bitcoin is held by Tesla, Galaxy Digital Holdings, Voyager Digital, Square, and Marathon Digital Holdings.