Major Distilling Company to Start Holding Bitcoin
01/11/2025 01:48
A Washington-based distillery has adopted MicroStrategy's Bitcoin playbook
A Washington-based distillery has adopted MicroStrategy's Bitcoin playbook
Heritage Distilling, a Nasdaq-listed craft distillery, has announced that its board of directors has made a decision to start holding Bitcoin as a strategic asset.
The Washington-based distillery will also start accepting Bitcoin payments in order to potentially attract a new set of buyers.
The company has noted that a new accounting rule will allow it to report Bitcoin holdings at market value. This will make it easier for the distillery to hold the cryptocurrency when it comes to accounting.
The company's shares are down 4.61% following the Friday announcement.
Heritage Distilling is known for such brands as Elk Rider and Chocolate Whiskey.
Matthew Sigel, head of digital research at VanEck, says that it remains to be seen how much BTC the company might actually buy if there is no turnaround in profitability.
The alcohol industry started embracing crypto a long time ago. Kensington-based Philadelphia Brewing Company, for instance, became the very first Bitcoin company to start accepting the original cryptocurrency as payment all the way back in 2014.
As reported by U.Today, a Japanese branch of Ernst & Young introduced a blockchain-powered service for detecting bogus products.
Last year, Roehill Springs, a British family-run gin distillery, started using blockchain to ensure water clarity.
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About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].
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