Heritage Distilling is just the latest company to integrate Bitcoin into their operations, either by accepting it as a payment method or by holding it as part of their corporate treasuries.
The Gig Harbor, Washington-based craft spirits producer will implement 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.
Heritage’s policy highlighted Bitcoin’s growing adoption among consumers, financial institutions, and policymakers. The company points to the Financial Accounting Standards Board’s 2023 policy change, which allows public companies to mark Bitcoin to fair value as an asset, making it more practical for corporate treasury management.
The company also shares a different approach to managing Bitcoin price volatility, insisting that it offers protection that traditional Bitcoin investors lack when purchasing with fiat currency.
As a consumer product manufacturer, Heritage notes that its production margins provide a buffer against Bitcoin price fluctuations.
“As a company producing goods for sale, acceptable margins between the retail price of our products and their cost of production are expected to offset potential fluctuations in the value of bitcoin we accept as payment,” CEO Justin Stiefel said Jan. 10 in a prepared statement.
Swann, who chairs the company’s Technology and Cryptocurrency Committee, will develop a formal Bitcoin Treasury 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 substantial,” he added.
The policy builds on recent developments in corporate Bitcoin adoption (i.e. MicroStrategy), as companies are adopting cryptocurrency for Treasury management and/or payment options. Here are several other notable examples in the food/beverage space:
Steakholder Foods
Steakholder Foods Ltd., a company specializing in alternative protein production, announced in November that its board has approved the purchase of up to $1 million in Bitcoin or cryptocurrency tracking indices.
CEO Arik Kaufman explained the decision, citing the growing popularity of cryptocurrencies. “As demand for cryptocurrencies grows and their acceptance as an asset class increases, we believe Bitcoin, or a mix of cryptocurrencies, will be strong treasury reserve assets for the company,” he said.
Kaufman also pointed to recent developments like cryptocurrency exchange-traded funds (ETFs) and institutional investor interest as reasons for the move. “Cryptocurrencies could add value to our treasury strategy and act as a store of value,” he said.
Based in Rehovot, Israel, Steakholder Foods focuses on sustainable food technology. The decision to invest in cryptocurrency reflects the company’s interest in new financial strategies beyond its core business.
Beck & Bulow
Beck & Bulow, a Santa Fe-based meat and seafood company, announced last April that it would start accepting Bitcoin as a payment method, both online and in-store. The move, described by the company as an “innovative step,” aims to enhance 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’s products using Bitcoin. But the company didn’t stop there. It also revealed plans to convert 20% of its assets into Bitcoin, citing the cryptocurrency’s potential as a reliable store of value. “We will also retain all Bitcoin payments received, 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 treasury. The company pledged to incorporate Bitcoin into its employee 401(k) program, offering staff a way to invest in the digital asset as part of their retirement planning.
This bold move places Beck & Bulow among a growing number of businesses adopting Bitcoin, not just as a payment method but also as a core component of their financial strategies. The company’s decision reflects confidence in the cryptocurrency’s role in fostering financial innovation and resilience.
Chipotle
Chipotle Mexican Grill is especially bullish on 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 payments 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, awarding over $200,000 in digital currencies through an interactive game. Of this, $35,000 in Bitcoin was split among 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 entrée codes redeemable at participating Chipotle locations.
Whole Foods
Whole Foods currently accepts Bitcoin payments through third-party applications, allowing customers to purchase groceries using cryptocurrency. While the supermarket franchise doesn’t hold its own crypto treasury, its parent company is reportedly considering it.
Recall how Amazon.com Inc. acquired Whole Foods in 2017, in a deal valued at $13.7 billion. The acquisition was a landmark 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 proposed that the Seattle-based company allocate at least 5% of its assets to Bitcoin. The measure is currently set for review ahead of Amazon’s 2025 annual meeting, according to Guru Focus.
Amazon’s board has yet to respond to the proposal. This push follows a similar effort by the NCPPR to encourage Microsoft to adopt 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 didn’t accept any form of crypto as a payment option. But that has since changed.
The Seattle-based coffee giant now accepts Bitcoin payments via Flexa’s SPEDN app. This enables customers to pay for their drink and food orders using cryptocurrency.
So far, there is no indication that Starbucks plans to build a Bitcoin treasury. The company’s focus appears to be on providing customers with diverse payment options rather than using cryptocurrency as a reserve asset, aligning with its strategy of convenience and innovation.
While the adoption of Bitcoin as a treasury asset is still emerging in the food and beverage industry, these examples highlight a growing trend of integrating cryptocurrency into various aspects of business operations.
Honorable Mentions
- Pizza Hut: In Venezuela, the casual dining franchise began accepting Bitcoin for payments due to the country’s economic challenges, though there are no reports of Bitcoin being held as part of its treasury.
- Restaurant Brands International: The Burger King parent company has begun accepting Bitcoin for payments in specific markets, including Germany and Venezuela. It remains to be seen whether the so-called “home of the Whopper” discloses crypto treasury holdings.
- Sheetz: The convenience store chain has begun accepting digital currencies, including Bitcoin and Ethereum, at all its locations. This move caters to the growing popularity of cryptocurrencies among consumers.
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