Heritage Distillers adopt Bitcoin for payments and treasury use

Heritage Distillers has announced that it will begin to accept Bitcoin for payments and treasury use. Washington-based Heritage Distillers made the announcement on January 10, announcing it as part of its treasury policy. The company also mentioned that it will use its e-commerce website to offset all purchases via Bitcoin.

The feat makes Heritage Distillers the first publicly traded spirits firm to infuse Bitcoin into its business model. According to the company’s statement, the company noted that it will accept Bitcoin as a form of payment, knowing fully well that the price of the asset may drop at any time. 

Heritage Distillers sees Bitcoin’s potential 

According to the Heritage Distillers’ statement, it wants to explore the likelihood of attracting new customers, noting that Bitcoin’s potential will offset the risk of its loss. “The benefits of attracting a new set of buyers, consumers, and fans, along with the margin cushion the Company can create, coupled with the potential to see Bitcoin increase in value, more than offsets the risk of loss,” the policy reads.

Heritage Distillers CEO Justin Stiefel said that the company has always been leading the way in the industry, noting that it is doing so with the adoption of Bitcoin. “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 as a form of payment for online e-commerce sales and to acquire and hold bitcoin as an asset,” he said.

The website notes that the option will be available soon.

With the adoption of its Bitcoin policy statement, Heritage Distillers’ technology and cryptocurrency committee is expected to come up with a Bitcoin treasury policy that will be approved by its board. Once the policy is approved, it will begin to use Bitcoin in its daily business, including using the asset to offset vendor payments.

The company formed its technology and cryptocurrency committee after the appointment of former Nubank CTO Matt Swann to its Board of Directors.

Reacting to the policy statement, Chairman of the committee Matt Swann shared his delight, noting that it is a wise choice since Bitcoin is still in its early stages. “I am excited to lead this committee as we prepare Heritage to begin accepting Bitcoin as a form of payment and acquiring or holding Bitcoin as a company asset. The growth of bitcoin is still in its early stages and the opportunity for companies to accept bitcoin as payment is substantial,” he said.

Corporate Bitcoin adoption grows as firms follow in Microstrategy’s footsteps 

The adoption of Bitcoin, especially as a treasury asset, has found appeal among corporations in the United States. Microstrategy, the pioneer of the movement, started its Bitcoin journey in 2020 as part of its strategy to deliver high returns to its shareholders. The company has also argued that the asset is a better hedge than most assets against inflation.

Microstrategy currently holds 447,470 Bitcoins, with its CEO, Michael Saylor still with the hunger to purchase more. Its cache is worth $42.4 billion, putting the price of each token at $94,781.

Other companies have also started to pick up bits of the asset as its price continues to increase. According to HODL15Capital, the top 70 publicly traded companies hold a cumulative 597,644 Bitcoins. Microstrategy leads the pack, with firms like Marathon Digital, Hut8, and Riot Platforms holding large caches.

Smaller firms have also been taking a page out of the Microstrategy Bitcoin playbook, racking up their numbers steadily. In November 2024, Healthcare group Cosmos Health announced its plans to form a Bitcoin and Ethereum treasury reserve. The company highlighted its value, seeing it as the future of money.

Acrux Pharmaceutical also sanctioned the purchase of $1 million worth of Bitcoin in the same month, with Worksport announcing plans to acquire Bitcoin and XRP with the excess from its operational cost.

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