Heritage Distilling is just the latest company to integrate Bitcoin into their operations, either by accepting it as a payment method or by holding it as part of their corporate treasuries.
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’s policy highlighted Bitcoin’s growing adoption among consumers, financial institutions, and policymakers. The company points to the Financial Accounting Standards Board’s 2023 policy change, which allows public companies to mark Bitcoin to 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 protection that traditional Bitcoin investors lack when purchasing with fiat currency.
As a consumer product manufacturer, Heritage notes that its production margins provide a buffer against Bitcoin price fluctuations.
“As a company producing goods for sale, acceptable margins between the retail price of our products and their cost of production are expected to offset potential fluctuations in the value of bitcoin we accept as payment,” CEO Justin Stiefel said Jan. 10 in a prepared statement.
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 companies to accept bitcoin as payment is substantial,” he added.
The policy builds on recent developments in corporate Bitcoin adoption (i.e. MicroStrategy), as companies are adopting cryptocurrency for Treasury management and/or payment options. Here are several other notable examples in the food/beverage space:
Steakholder Foods
Steakholder Foods Ltd., a company specializing in alternative protein production, announced in November that its board has 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 cryptocurrencies. “As demand for cryptocurrencies grows and their acceptance as an asset class increases, we believe Bitcoin, or a mix of cryptocurrencies, will be strong treasury reserve assets for the company,” he said.
Kaufman also pointed to recent developments like cryptocurrency exchange-traded 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…
Read More: Heritage plus 5 food, beverage companies embracing Bitcoin
