Heritage Distilling is just the latest company to integrate Bitcoin into its operations, either accepting it as a payment method or holding it as part of its corporate treasury.
The Gig Harbor, Washington-based craft spirits producer will implement Bitcoin (BTC) payments through its direct-to-consumer e-commerce platform. The move follows the creation of the company’s Technology and Cryptocurrency Committee, led by digital payments expert Matt Swann.
Heritage policy highlighted the growing adoption of Bitcoin among consumers, financial institutions and policy makers. The company points to the 2023 policy change of the Financial Accounting Standards Board, which allows public companies to mark Bitcoin at fair value as an asset, making it more practical for corporate treasury management.
The company also shares a different approach to managing Bitcoin price volatility, insisting that it offers the protection that traditional Bitcoin investors lack when buying with fiat currency.
As a manufacturer of consumer products, Heritage notes that its production margins provide a buffer against Bitcoin price fluctuations.
“As a company that produces goods for sale, the acceptable margins between the selling price of our products and their production cost are expected to compensate for potential fluctuations in the value of the bitcoin that we accept as payment CEO Justin Stiefel said on January 10 in a prepared statement. declaration
Swann, who chairs the company’s Technology and Cryptocurrency Committee, will develop a formal Bitcoin Treasury Policy for board approval.
“The growth of bitcoin is still in its early stages, and the opportunity for businesses to accept bitcoin as payment is substantial,” he added.
The policy is based on recent developments in the corporate adoption of Bitcoin (ie Microstrategy), as companies adopt cryptocurrency for Treasury management and/or payment options. Here are some other notable examples in the food/beverage space:
Steakholder Foods
Steakholder Foods Ltd., a company specialized in the production of alternative proteins, announced in November that its board approved the purchase of up to $1 million in Bitcoin or cryptocurrency tracking indices.
CEO Arik Kaufman explained the decision, citing the growing popularity of cryptocurrency. “As the demand for cryptocurrencies grows and their acceptance as an asset class increases, we believe that Bitcoin, or a mix of cryptocurrencies, will be strong treasury reserves for the company,” he said.
Kaufman also pointed to recent developments such as cryptocurrency exchange funds (ETFs) and institutional investor interest as reasons for the move. “Cryptocurrencies could add value to our treasury strategy and act as a store of value,” he said.
Based in Rehovot, Israel, Steakholder Foods focuses on sustainable food technology. The decision to invest in cryptocurrency reflects the company’s interest in new financial strategies beyond its core business.
Beck & Bulow
Beck & Bulow, a Santa Fe meat and seafood company, announced last April that would start accepting Bitcoin as a payment method, online and in store. The move, described by the company as an “innovative step”, aims to enhance payment flexibility and promote financial independence for customers and employees.
Through an integration with IBEX, a third-party payment processor, customers can now purchase Beck & Bulow products with Bitcoin. But the company did not stop there. He also revealed plans to convert 20% of his assets into Bitcoin, citing the cryptocurrency’s potential as a reliable store of value. “They also keep all Bitcoin payments received, reinforcing our confidence in the long-term potential of Bitcoin,” the company said in a statement.
Beck & Bulow’s commitment to Bitcoin extends beyond payments and treasury. The company has promised to incorporate Bitcoin into its employee 401(k) program, offering staff a way to invest in digital assets as part of their retirement planning.
This bold move places Beck & Bulow among a growing number of businesses that are adopting Bitcoin, not only as a payment method, but also as a core component of their financial strategies. The company’s decision reflects confidence in the role of cryptocurrency in fostering financial innovation and resilience.
Chipotle
Chipotle Mexican Grill is especially bullish on Bitcoin and digital currencies as part of its strategy to innovate and engage tech-savvy customers. The fast-casual restaurant chain accepts Bitcoin and other cryptocurrencies for in-store payments through Flexa, a digital payment platform. Customers can use Flexa enabled apps like Gemini or SPEDN to make cryptocurrency payments seamlessly.
Chipotle has also leveraged cryptocurrency in its marketing campaigns, creating unique promotions to attract attention and reward customers. In April 2021, the company celebrated National Burrito Day by giving away $100,000 in Bitcoin. Participants guessed a six-digit passcode on a microsite for a chance to win. In July 2022, Chipotle ran another crypto-themed campaign, awarding more than $200,000 in digital currencies through an interactive game. Of this, $35,000 in Bitcoin was shared among six lucky winners.
Chipotle’s digital innovation extends beyond cryptocurrencies. The company launched “Burrito Bucks,” its in-game currency on the Roblox platform, which allows players to exchange their Burrito Bucks for free entree codes redeemable at participating Chipotle locations.
Healthy foods
Whole Foods currently accepts Bitcoin payments through third-party apps, which allow customers to purchase products with cryptocurrency. While the supermarket franchise does not hold its own crypto treasury, its parent company is considering it.
Remember how Amazon.com Inc. acquired Whole Foods in 2017, in a deal valued at $13.7 billion. The acquisition was a landmark move at the time, marking Amazon’s entry into the brick-and-mortar grocery business.
And last month, a group of Amazon shareholders – led by the National Center for Public Policy Research (NCPPR) – proposed that the Seattle company allocate at least 5% of its assets to Bitcoin. The measure is currently scheduled for review before Amazon’s 2025 annual meeting, according to to Focus on the teacher.
Amazon’s board has yet to respond to the proposal. This push follows a similar effort by the NCPPR to encourage Microsoft to adopt Bitcoin, which was ultimately rejected by its shareholders.
Starbucks
In 2018, there was some confusion regarding the position of Starbucks to accept Bitcoin as a form of payment. The company later clarified that it did not accept any form of crypto as a payment option. But that has since changed.
The Seattle-based coffee giant now accepts Bitcoin payments via Flexa’s SPEDN app. This allows customers to pay for their drinks and food orders with cryptocurrency.
So far, there is no indication that Starbucks plans to build a Bitcoin treasury. The company’s focus seems to be on providing customers with different payment options rather than using cryptocurrency as a reserve asset, aligning with its strategy of convenience and innovation.
While the adoption of Bitcoin as a treasury asset is still emerging in the food and beverage industry, these examples highlight a growing trend of cryptocurrency integration into various aspects of business operations.
Honorable mentions
- Pizza Hut: In Venezuela, the casual dining franchise has begun accepting Bitcoin for payments due to the country’s economic challenges, although there are no reports of Bitcoin being held as part of its treasury.
- Restaurant Brands International: The Burger King company has started accepting Bitcoin for payments in specific markets, including Germany and Venezuela. It remains to be seen if the so-called “house of the Whopper” divulges the crypto treasure.
- Sheetz: The convenience chain has begun accepting digital currencies, including Bitcoin and Ethereum, at all of its locations. This move agrees with the growing popularity of cryptocurrencies among consumers.
