The number of publicly traded companies adopting the Bitcoin standard is growing, and the latest to go in on the orange coin is spirits firm Heritage Distilling.
Heritage Distilling, which trades on the Nasdaq under the ticker CASK, said Friday that it would start to hold the cryptocurrency as a “strategic asset” and accept it for payments. The plan is subject to approval, the company said, and Heritage will first craft a policy plan for the board to greenlight before anything happens.
But the Gig Harbor, Washington-based company said it was “recognizing the millions of consumers who already hold and use Bitcoin as an asset and as currency on a regular basis.”
Heritage’s CEO, Justin Stiefel, said in a statement: “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.”
CASK finished the day down 2.5% at a price of $1.55. The stock’s price is down 47% over the last month.
The company has probably taken inspiration from MicroStrategy—the quiet software company-turned-Bitcoin treasury giant.
MicroStrategy first bought Bitcoin in 2020 as a way to get bigger returns for shareholders and fight inflation. It now holds 447,470 Bitcoin in total, which at today’s current price of $94,781 is a stash worth $42.4 billion. MicroStrategy founder Michael Saylor has argued that other companies should follow suit to get the best returns for shareholders.
Other public American companies—albeit small ones—have done the same in the past year as the price of Bitcoin has touched new highs, with Healthcare company Cosmos Health (NASDAQ: COSM) and auto firm Worksport (NASDAQ: WKSP) being notable examples.
Edited by Andrew Hayward
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