US Distillery Adopts BTC for Treasury Use
KEY FACT: Heritage Distilling, a leading U.S. craft spirits producer, has become the first publicly traded distillery to embrace Bitcoin (BTC) by integrating it into its payment system and treasury strategy. Customers will soon be able to purchase products using Bitcoin via the company’s e-commerce platform. This move follows the establishment of a Technology and Cryptocurrency Committee, chaired by Matt Swann, a former Nubank CTO. Despite recent financial challenges, including a net loss of $3.43 million in Q3 2024, Heritage Distilling sees Bitcoin adoption as a strategy to attract a wider customer base and hedge against inflation, mirroring trends among other U.S. companies like MicroStrategy.
Source: Heritage Distilling
US Distillery Adopts BTC for Treasury Use
Heritage Distilling, a prominent craft spirits producer based in Washington, has announced its decision to integrate Bitcoin (BTC) into its financial operations. On January 10, 2025, the company through a press release unveiled a new policy to accept Bitcoin as payment for its products and services through its e-commerce platform. This move positions Heritage Distilling as the first publicly traded spirits company to embrace cryptocurrency in its business model.
Sets the stage for the Company to lead the craft e-commerce space in accepting bitcoin as a form of payment and hold bitcoin as a strategic asset.
Source
The company's policy show a commitment to engaging with the cryptocurrency market, acknowledging the potential benefits of attracting a new customer base and the possibility of Bitcoin's value appreciation. The policy states that the advantages of appealing to a broader audience and the potential for increased margins outweigh the risks associated with Bitcoin's price volatility.
Heritage Distilling's website indicates that the option to pay with Bitcoin for online purchases will be available soon, showing the company's readiness to implement this new payment method. This decision follows the establishment of Heritage Distilling's Technology and Cryptocurrency Committee, led by Matt Swann, a former chief technology officer at Nubank.
Despite this forward-thinking approach, Heritage Distilling faces financial challenges. The latest earnings report reveals $1.76 million in revenue alongside a net loss of $3.43 million in the third quarter of 2024. Matthew Sigel, head of digital assets research at VanEck, expressed concerns regarding the company's financial health, noting the significant losses relative to sales and questioning the feasibility of substantial Bitcoin acquisitions without a turnaround in profitability.
The craft spirits industry in the United States is experiencing growth, with 3,069 active distillers reported as of August 2024, an 11.5% increase from the previous year. According to the American Craft Spirits Association, craft spirits now constitute 4.6% of the total U.S. spirits market by volume and 7.5% by value, a slight decrease from 7.7% in 2023.
Heritage Distilling's adoption of Bitcoin adds to the trend of U.S. companies incorporating cryptocurrency into their treasury strategies. MicroStrategy, a leading business intelligence firm, began acquiring Bitcoin in 2020 to enhance shareholder returns and hedge against inflation. As of January 2025, MicroStrategy holds 447,470 Bitcoin, valued at approximately $42.4 billion, with Bitcoin prices reaching new highs.
Data from HODL15Capital indicates that the top 70 public companies collectively hold 597,644 Bitcoin. Following MicroStrategy, Marathon Digital holds 44,893 BTC, Riot Platforms possesses 17,429 BTC, and Hut 8 Mining owns 10,096 BTC.
Smaller public companies are also adopting Bitcoin as part of their treasury strategies. On November 18, 2024, healthcare group Cosmos Health announced plans to include Bitcoin and Ethereum in its treasury reserves, citing their value as strategic assets. Similarly, Acurx Pharmaceuticals approved the purchase of up to $1 million in Bitcoin on November 20, and on December 5, Worksport, a clean energy solutions manufacturer, approved a plan to allocate up to 10% of its excess operational cash to Bitcoin and XRP. Heritage Distilling is the latest in the roll of traditional industries accepting cryptocurrencies.
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Bitcoin and beer - two of my favourite things so it's good to see a brewery that "gets it."
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smart move, $BTC is the future, it will continue to surge up higher, and this adoption is a perfect strategy to place the company in a brighter light
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STOPA very critical and smart move, people would keep on growing when know the importance of currency integration. I happy for this developed countries.