Heritage Distilling is just the latest company to integrate Bitcoin into their operations, either by accepting it as a form of payment or by keeping it as part of their corporate finances.
The Gig Harbor, Washington-based producer of craft spirits will send Bitcoin (BTC) payments through its direct-to-consumer e-commerce platform. The move follows the creation of the company's Technology and Cryptocurrency Committee, led by digital payments expert Matt Swann.
The Heritage policy highlighted Bitcoin's growing popularity among consumers, financial institutions, and policy makers. The company points to a 2023 policy change at the Financial Accounting Standards Board, which will allow public companies to mark Bitcoin to fair value as an asset, making it more practical for corporate financial management.
The company also has a different approach to managing Bitcoin price volatility, claiming it offers protection that traditional Bitcoin investors don't have when buying with cash. fiat
As a consumer product manufacturer, Heritage notes that its product margins provide a buffer against Bitcoin price fluctuations.
“As a company that manufactures products for sale, it is expected that appropriate margins between the selling price of our products and the cost of production will offset possible fluctuations in the value of bitcoin that we accept as pay,” CEO Justin Stiefel said Jan. 10 in a prepared paper. report
Swann, who chairs the company's Technology and Cryptocurrency Committee, will develop a formal Bitcoin Finance Policy for board approval.
“The growth of bitcoin is still in its early stages, and the opportunity for companies to accept bitcoin as payment is huge,” he said.
The policy builds on recent developments in the adoption of physical Bitcoin (ie MicroStrategy), as companies accept digital currency for Treasury management and/or payment options. Here are a few more specific examples in the food/beverage space:
Keepers Food
Steakholder Foods Ltd., a company specializing in alternative protein, name in November that its board has authorized the purchase of up to $1 million in Bitcoin or cryptocurrency indices.
CEO Arik Kaufman explained the decision, citing the growing popularity of cryptocurrencies. “As demand for cryptocurrencies grows and their adoption as an asset class increases, we believe that Bitcoin, or a combination of cryptocurrencies, will be a strong financial asset for the company ,” he said.
Kaufman also pointed to recent developments such as digital currency exchange-traded funds (ETFs) and interest from institutional investors as reasons for the move. “Crypto currency could add value to our financial strategy and be a source of value,” he said.
Based in Rehovot, Israel, Steakholder Foods focuses on sustainable food technology. The decision to invest in cryptocurrency shows the company's interest in new financial strategies beyond its core business.
Beck & Bulow
Beck & Bulow, a meat and seafood company based in Santa Fe, name last April that it would start accepting Bitcoin as a payment method, both online and in-house. The move, described by the company as an “innovative step,” aims to increase payment flexibility and promote financial independence for customers and employees.
Through an integration with IBEX, a third-party payment processor, customers can now purchase Beck & Bulow products using Bitcoin. But the company did not stop there. He also revealed plans to convert 20% of his assets to Bitcoin, citing the cryptocurrency's potential as a reliable source of value. “We will also hold all received Bitcoin payments, reinforcing our confidence in Bitcoin's long-term potential,” the company said in a statement.
Beck & Bulow's commitment to Bitcoin extends beyond payments and finance. The company promised to introduce Bitcoin into its 401(k) program, offering employees a way to invest in the digital asset as part of their retirement planning.
This bold move puts Beck & Bulow among a growing number of businesses accepting Bitcoin, not only as a payment method but also as a key part of their financial strategies. The company's decision shows confidence in the role of the cryptocurrency in fostering financial innovation and tolerance.
Chipotle
Chipotle Mexican Grill is particularly supportive of Bitcoin and digital currencies as part of its strategy to innovate and engage tech-savvy customers. The fast-casual restaurant chain accepts Bitcoin and other cryptocurrencies for in-store payments through Flexa, a digital payment platform. Customers can use Flexa-enabled apps like Gemini or SPEDN to make cryptocurrency payments seamlessly.
Chipotle has also leveraged cryptocurrency in its marketing campaigns, creating unique promotions to attract attention and reward customers. In April 2021, the company celebrated National Burrito Day by giving away $100,000 in Bitcoin. Participants guessed a six-digit passcode on a microsite for a chance to win. In July 2022, Chipotle ran another crypto-themed campaign, giving away more than $200,000 in digital currency through an interactive game. Of this, $35,000 in Bitcoin was split between six lucky winners.
Chipotle's digital innovation extends beyond cryptocurrencies. The company launched “Burrito Bucks,” its in-game currency on the Roblox platform, allowing players to exchange their Burrito Bucks for free entry codes that can be redeemed at the locations is participating in Chipotle.
Whole food
Whole Foods currently accepts Bitcoin payments through third-party applications, allowing customers to purchase groceries using the cryptocurrency. Although the supermarket franchise does not have its own crypto-finance, its parent company is reportedly considering it.
Remember how Amazon.com Inc. was acquired. Whole Foods in 2017, in a deal worth $13.7 billion. The purchase was a significant move at the time, marking Amazon's entry into the brick-and-mortar grocery business.
And last month, a group of Amazon shareholders – led by the National Center for Public Policy Research (NCPPR) – has recommended that the Seattle-based company allocate at least 5% of their assets to Bitcoin. The move is currently being reviewed ahead of Amazon's annual meeting in 2025, according to to Teacher Focus.
Amazon's board has yet to respond to the proposal. This push follows a similar effort by the NCPPR to encourage Microsoft to accept Bitcoin, which was ultimately rejected by its shareholders.
Starbucks
In 2018, there was some confusion regarding Starbucks' stance on accepting Bitcoin as a form of payment. The company later clarified that it did not accept any type of crypto as a payment option. But that has since changed.
The Seattle-based coffee giant now accepts Bitcoin payments through the SPEDN Flexa app. This allows customers to pay for their drink and food orders using cryptocurrency.
So far, there is no indication that Starbucks plans to raise Bitcoin's treasury. The company's focus seems to be on providing different payment options to customers rather than using cryptocurrency as a reserve asset, in line with its strategy of convenience and innovation.
While the adoption of Bitcoin as a financial asset is still emerging in the food and beverage industry, these examples show a growing trend of integrating cryptocurrency in different aspects of business activity.
Honorable Mentions
- Pipe Hut: In Venezuela, the casual restaurant license began accepting Bitcoin for payments due to the country's economic challenges, although there are no reports that Bitcoin is kept as part of its finances.
- Restaurant Brands International: Burger King's parent company has begun accepting Bitcoin for payments in certain markets, including Germany and Venezuela. It remains to be seen whether the so-called “home of the Whopper” shows ownership of crypto-finance.
- Sheetz: The convenience store chain has begun accepting digital currencies, including Bitcoin and Ethereum, at all locations. This move is in line with the growing popularity of cryptocurrencies among consumers.
