Nasdaq-listed Heritage Distilling Holding Company has announced a new Bitcoin Treasury Policy Statement.
The announcement outlines plans to accept Bitcoin (BTC) as payment and keep as a strategic asset. This move positions the craft distiller as a leader in the integration of cryptocurrency into the craft spirits industry.
The company aims to capitalize on the growing acceptance of Bitcoin among consumers, businesses and financial institutions. The estate sees potential in Bitcoin adoption, citing recent updates to accounting standards that simplify how companies report Bitcoin holdings, according to a company release.
Another example of a company pursuing a similar strategy is Genius Group, which recently announced plans for a Bitcoin treasury and disclosed an additional purchase of $5 million of Bitcoin on January 10.
Bitcoin and e-commerce
The company plans to allow customers to purchase products on its direct-to-consumer e-commerce platform using Bitcoin. It also acquires and holds Bitcoin as part of its corporate treasury strategy.
Heritage believes its position as a commodity producer provides a cushion against bitcoin price volatility. The cost of producing spirits is lower than the selling price, which allows the company to absorb potential fluctuations in the value of Bitcoin.
CEO Justin Stiefel noted that this approach gives Heritage financial flexibility as it expands its customer base to include Bitcoin users. The company’s Technology and Cryptocurrency Committee, chaired by chief technical officer Matt Swann, will formalize the policy before implementation.
