Heritage Distilling Decides to Hold Bitcoin, Will Accept BTC Payments

Craft distillery Heritage Distilling (NASDAQ:HBD) has announced that its board of directors has decided to start holding Bitcoin as a strategic asset.

The Washington-based distillery will also start accepting Bitcoin payments in order to potentially attract a new set of buyers.

The company has noted that a new accounting rule will allow it to report Bitcoin holdings at market value. This will make it easier for the distillery to hold the cryptocurrency when it comes to accounting.

The company's shares are down 4.61% following the Friday announcement.

Heritage Distilling is known for such brands as Elk Rider and Chocolate Whiskey.

According to Matthew Sigel, head of digital research at VanEck, it remains to be seen how much BTC the company might actually buy if there is no turnaround in profitability.

The alcohol industry started embracing crypto a long time ago. For example, Kensington-based Philadelphia Brewing Company became the first Bitcoin company to start accepting the original cryptocurrency as payment back in 2014.

As reported by U.Today, a Japanese branch of Ernst & Young introduced a blockchain-powered service for detecting bogus products.

Last year, Roehill Springs, a British family-run gin distillery, started using blockchain to ensure water clarity.