Heritage Distilling Now Accepts Bitcoin and Will Hold It as a Company Asset
Yesterday, Heritage Distilling Holding Company, Inc. (NASDAQ: CASK), a leading U.S. craft spirits producer, announced that it will begin accepting Bitcoin as payment through its direct-to-consumer (DTC) e-commerce platform and will hold bitcoin as strategic assets under a newly approved Cryptocurrency Treasury Reserve Policy.
The policy, approved by the company's Board of Directors as part of a broader sales and treasury diversification strategy, was developed by the Technology and Cryptocurrency Committee, chaired by tech and digital payments leader Matt Swann. The move makes Heritage the first in the craft spirits sector to formally integrate bitcoin into both its payment and treasury operations.
'A new age of commerce is emerging, with cryptocurrencies leading the way to reduce friction between parties, buyers and sellers of goods and services,' stated Matt Swann on behalf of the Board. 'Having been immersed in the convergence of technology and currencies for nearly two decades, it is exciting to see Heritage forge headfirst into the opportunity to combine the power of the consumer and cryptocurrency.'
Heritage's decision comes amid rapidly growing public interest in digital assets. The company said it estimates that between 65 to 86 million Americans currently hold Bitcoin and crypto, and realizes the opportunity Heritage has to acquire more BTC by accepting it as payment.
'Heritage has always been an innovator and once again we are leading the way in the craft spirits space as we prepare to accept Bitcoin and Dogecoin as a form of payment for online e-commerce sales and to acquire and hold these cryptocurrencies as assets,' commented the CEO of Heritage Justin Stiefel. 'As I have noted in the past, unlike traditional investors who purchase crypto with cash and are immediately subject to potential pricing volatility, as a company producing goods for sale, acceptable margins between the retail price of our products and their cost of production is expected to offset potential fluctuations in the value of cryptos we accept as payment. This provides us considerable financial flexibility as we develop product offerings for users and enthusiasts of these fiat alternatives.' Read More Live Election Day Coverage for Bitcoiners
The company sees Bitcoin as a long-term strategic asset and a forward-looking step in connecting with modern consumers while also exploring new efficiencies in financial operations. Heritage is not only integrating Bitcoin as a payment method but also incorporating it into its treasury strategy.
The new Cryptocurrency Treasury Policy can be found here.
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