tl;dr
Spirits firm Heritage Distilling, trading on Nasdaq as CASK, announced its intention to adopt Bitcoin as a "strategic asset" and for payments. The plan is pending board approval, and the company aims to develop a policy for this purpose. CEO Justin Stiefel cited the growing use of Bitcoin as an asse...
Heritage Distilling, a Nasdaq-traded spirits firm, has revealed plans to incorporate Bitcoin as a strategic asset and embrace it for payments, aligning with the actions of other publicly traded companies.
The decision stems from the company's aim to cater to the increasing number of consumers utilizing Bitcoin, intending to accept it for e-commerce sales and retain it as an asset. This move draws inspiration from MicroStrategy's successful integration of Bitcoin as a treasury asset, influencing not only Heritage Distilling but also other small publicly traded companies like Cosmos Health and Worksport.
Spirits firm Heritage Distilling, trading on Nasdaq as CASK, announced its intention to adopt Bitcoin as a "strategic asset" and for payments. The plan is pending board approval, and the company aims to develop a policy for this purpose. CEO Justin Stiefel cited the growing use of Bitcoin as an asset and currency by consumers. Heritage Distilling's stock price (CASK) closed at $1.55, reflecting a 47% drop over the last month. The company's decision may have been influenced by MicroStrategy's significant Bitcoin investment.
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." 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.