The number of listed companies that have the Bitcoin The standard continues to expand, and the latest addition to the orange mint is spirits company Heritage Distilling.
Heritage Distilling, which trades on the Nasdaq under the ticker CASK, said Friday it would hold the cryptocurrency as a “strategic asset” and accept it for payments. The plan still needs to be approved, the company said, and Heritage will first draw up a policy plan so that the board can give the green light before anything happens.
But the Gig Harbor, Washington-based company said it “recognizes the millions of consumers who already regularly own and use Bitcoin as an asset and as a means of payment.”
Heritage CEO Justin Stiefel said in a statement: “Heritage has always been an innovator and once again we are at the forefront of artisanal spirits as we prepare to accept Bitcoin as a form of payment for online e-commerce sales and to acquire Bitcoin and hold on as an asset.”
CASK ended the day down 2.5% at a price of $1.55. The share price has fallen 47% in the past month.
The company likely took inspiration from MicroStrategy – the quiet software company turned Bitcoin Treasury giant.
MicroStrategy bought first Bitcoin in 2020 as a way to achieve greater returns for shareholders and fight inflation. It now contains a total of 447,470 Bitcoin, which at the current price of $94,781 is a supply worth $42.4 billion. MicroStrategy founder Michael Saylor has argued that other companies should follow suit to deliver the best returns for shareholders.
Other US publicly traded companies – albeit small ones – have done the same over the past year as Bitcoin’s price reached new highs. Healthcare company Cosmos Health (NASDAQ: COSM) and automotive company Work sports (NASDAQ: WKSP) are notable examples.
Edited by Andrew Hayward
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