Heritage Distilling Holding Company, which is listed on the Nasdaq, has just announced the release of a new Bitcoin Treasury Policy Statement.
Within the release, it is said that there are intentions to both accept Bitcoin as a form of payment and to keep it as a strategic asset.
The craft distiller is now in a position to become a pioneer in the incorporation of cryptocurrencies inside the craft spirits sector as a result of this action.
With the intention of capitalizing on the rising popularity of Bitcoin among consumers, companies, and financial institutions, the firm has begun operations.
According to a press statement issued by the firm, Heritage believes that the use of Bitcoin should be encouraged, noting recent improvements to accounting rules that simplify the manner in which businesses record their Bitcoin holdings.
Genius Group is yet another example of a corporation that is following a strategy that is similar to this one.
Genius Group recently declared that it intends to establish a Bitcoin treasury and reported that it has purchased an additional $5 million worth of Bitcoin on January 10th.
Bitcoin and Ecommerce
The firm intends to make it possible for users to use Bitcoin to make purchases on its direct-to-consumer e-commerce platform using the cryptocurrency.
Additionally, as part of its corporate treasury strategy, it will engage in the acquisition and storage of Bitcoin.
Heritage is of the opinion that its status as a manufacturer of things offers a degree of protection against the price risk associated with bitcoin.
Due to the fact that the cost of making spirits is lower than the sale price, the firm is able to withstand any possible volatility in the value of Bitcoin.
According to Heritage’s Chief Executive Officer Justin Stiefel, this strategy provides the company with financial flexibility while also extending its client base to include Bitcoin users.
Before the policy is put into effect, it will be formalized by the Technology and Cryptocurrency Committee of the corporation, which will be led by the distinguished technology leader Matt Swann.