Key Points
- Heritage Distilling plans to integrate Bitcoin into its operations as a payment method and part of its treasury.
- Other notable companies in the food and beverage industry are also embracing Bitcoin.
Heritage Distilling is integrating Bitcoin into its operations, both as a payment method and as part of its corporate treasury.
The craft spirits producer based in Gig Harbor, Washington, will enable Bitcoin payments through its direct-to-consumer e-commerce platform.
Embracing Bitcoin
The decision follows the establishment of the company’s Technology and Cryptocurrency Committee, headed by Matt Swann, a digital payments expert.
Heritage Distilling’s policy emphasizes the increasing acceptance of Bitcoin among consumers, financial institutions, and policymakers.
The company refers to the Financial Accounting Standards Board’s 2023 policy change, which permits public companies to mark Bitcoin to fair value as an asset, making it more suitable for corporate treasury management.
The company also presents a unique approach to managing Bitcoin price volatility, asserting that it provides protection that traditional Bitcoin investors lack when buying with fiat currency.
Heritage, being a consumer product manufacturer, states that its production margins provide a cushion against Bitcoin price changes.
Companies Adopting Bitcoin
The policy is a response to recent trends in corporate Bitcoin adoption, as firms are incorporating cryptocurrency for Treasury management and/or payment options.
Several other notable examples in the food/beverage space include Steakholder Foods, Beck & Bulow, Chipotle, Whole Foods, and Starbucks.
Steakholder Foods Ltd., a firm 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.
Beck & Bulow, a meat and seafood company based in Santa Fe, announced last April that it would start accepting Bitcoin as a payment method, both online and in-store.
Chipotle Mexican Grill is particularly bullish on Bitcoin and digital currencies as part of its strategy to innovate and engage tech-savvy customers.
Whole Foods currently accepts Bitcoin payments through third-party applications, allowing customers to purchase groceries using cryptocurrency.
In 2018, Starbucks clarified that it didn’t accept any form of crypto as a payment option. However, the Seattle-based coffee giant now accepts Bitcoin payments via Flexa’s SPEDN app.
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 integrating cryptocurrency into various aspects of business operations.
Other notable examples include Pizza Hut in Venezuela, Restaurant Brands International, and Sheetz, all of which have started accepting Bitcoin for payments in certain markets.
