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Spinesmith Holdings Will Convert Balance Sheet to Bitcoin
Bitcoin’s interest among institutional investors and corporate giants has surged especially in the months before its price plummeted in May 2021. Fueled by the economic after-effects of the COVID-19 pandemic, companies started buying the leading cryptocurrency due to inflation and low-interest rates as cash held on balance sheets lost value over time.
On holding the exact amount of BTC, Founder Kevin Dunworth comments:
What’s more, the company is also considering paying their employees in Bitcoin and is working on developing the financial infrastructure to do so.
Corporate Goes Diehard on Bitcoin
The list of companies adopting Bitcoin on their balance sheets has grown in the last year. Interestingly, the companies with large BTC investments tend to be run by people with a personal affinity towards cryptocurrencies. Square’s Jack Dorsey, Tesla’s Elon Musk, and MicroStrategy’s Michael Saylor fall into this category.
The biggest Bitcoin bull of them all is MicroStrategy and its CEO, Michael Saylor. In August 2020, the business software company purchased its first Bitcoin for $250 million. Since then, the company has continued to acquire more of the digital asset in varying quantities and currently holds 105,085 BTC in reserve.
Following MicroStrategy, Tesla, Galaxy Digital Holdings, Voyager Digital, Square, and Marathon Digital Holdings hold the most amount of Bitcoin.