Major Distilling Company to Start Holding Bitcoin

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Heritage Distilling, a publicly traded artisanal distillery on the Nasdaq market, has revealed that their board of directors has chosen to invest in Bitcoin as a key strategic move.

To expand its customer base, the distillery located in Washington is planning to accept Bitcoin as a payment method.

The business has observed that a fresh accounting regulation enables it to list Bitcoin assets based on their current market price. This simplifies the process of managing the cryptocurrency from an accounting perspective.

The company’s shares are down 4.61% following the Friday announcement. 

Heritage Distilling is known for such brands as Elk Rider and Chocolate Whiskey.

According to Matthew Sigel, the head of digital research at VanEck, it’s uncertain just how many Bitcoins the company may potentially acquire if there’s no improvement in its profits.

A while ago, the alcohol industry began adopting cryptocurrencies, with the Philadelphia Brewing Company in Kensington being one of the pioneers. This brewery was actually the first Bitcoin business to start accepting bitcoin as a form of payment as early as 2014.

According to U.Today, a division of Ernst & Young based in Japan has launched a blockchain-based system to identify counterfeit goods.

As an analyst, I’ve noticed that last year, I was involved with Roehill Springs, a renowned British gin distillery run by a family, who made the strategic shift towards incorporating blockchain technology in their operations for maintaining the transparency of their water quality.

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2025-01-10 21:58