Craft distilling meets Bitcoin: US distillery adopts BTC for treasury use
Heritage Distilling, a Washington-based craft spirits producer, will accept Bitcoin as payment and hold it as a treasury asset, becoming the first publicly traded spirits company to do so. The company adopted a Bitcoin treasury policy on January 10, allowing online purchases with Bitcoin despite potential price fluctuations. The policy aims to attract new buyers and offset risks with potential Bitcoin value increases. Heritage Distilling faces financial challenges, reporting $1.76 million in revenue and a $3.43 million net loss in Q3 2024. The craft spirits market in the U.S. is growing, with 3,069 active distillers as of August 2024. Corporate adoption of Bitcoin is increasing, with MicroStrategy leading as the largest corporate holder. Smaller companies are also adopting Bitcoin, including Cosmos Health and Acurx Pharmaceuticals.
