Nasdaq-listed Heritage Brewing Holdings has announced a new Bitcoin Financial Policy Statement.
The announcement outlines plans to accept Bitcoin (BTC) as payment and holding it as a strategic asset. This move positions the craft brewer as a leader in integrating cryptocurrency within the craft spirits industry.
The company aims to take advantage of Bitcoin's growing popularity among consumers, businesses and financial institutions. Heritage sees potential in Bitcoin adoption, citing recent updates to accounting standards that simplify how companies report Bitcoin holdings, according to a company press release.
Another example of a company that follows a similar strategy is Genius Group, which announced recently plans for Bitcoin finance and published buying an additional $5 million of Bitcoin on January 10th.
Bitcoin and e-commerce
The company plans to allow customers to purchase products on its direct-to-consumer e-commerce platform using Bitcoin. It also acquires and holds Bitcoin as part of its corporate financial strategy.
Heritage believes that its position as a commodity producer provides protection against the volatility of bitcoin prices. The cost of the production of spirits is lower than the selling price, allowing the company to accept possible fluctuations in the value of Bitcoin.
CEO Justin Stiefel noted that this approach gives Heritage financial flexibility while expanding its customer base to include Bitcoin users. The company's Technology and Cryptocurrency Committee, chaired by technical director Matt Swann, will formalize the policy before implementation.
