Heritage Distilling is the latest company to integrate Bitcoin into its operations, either by accepting it as payment or by holding it as part of the company's vaults.

Gig Harbor, a Washington-based craft spirits producer, will implement Bitcoin (Bitcoin) Payments through a direct-to-consumer e-commerce platform. The move follows the establishment of the company's Technology and Cryptocurrency Committee, led by digital payments expert Matt Swan.

Heritage's policy highlighted the growing adoption of Bitcoin among consumers, financial institutions and policy makers. The company points to a 2023 Financial Accounting Standards Board policy change that allows public companies to mark Bitcoin at fair value as an asset, making it more practical for corporate treasury management.

The company also subscribes to a different approach to managing Bitcoin price fluctuations, insisting that it offers the protection that traditional Bitcoin investors lack when purchasing with fiat currency.

As a manufacturer of consumer products, Heritage points out that its production margins provide a buffer against Bitcoin price fluctuations.

“As a company that produces goods for sale, acceptable margins between the retail price of our products and the cost of producing them are expected to offset potential fluctuations in the value of the bitcoin we accept as payment,” CEO Justin Stifel said Jan. 10 in a prepared statement. statement.

Swan, who chairs the company's technology and cryptocurrency committee, will draw up a formal Bitcoin treasury policy for board approval.

He added: "The growth of Bitcoin is still in its early stages, and the opportunity for companies to accept Bitcoin as a means of payment is great."

The policy is based on recent developments in Bitcoin adoption for businesses (eg Accurate strategy), as businesses adopt cryptocurrencies for treasury management and/or payment options. Here are several other notable examples in the food and beverage space:

Meat eaters' foods

Steakholder Foods Ltd., an alternative protein company, Announce In November, its board of directors approved the purchase of up to $1 million worth of Bitcoin or cryptocurrency tracking indicators.

CEO Eric Kaufman explained the decision, citing the growing popularity of cryptocurrencies. “With increasing demand for cryptocurrencies and increasing acceptance as an asset class, we believe that bitcoin, or a combination of cryptocurrencies, will be a strong reserve asset for the company,” he said.

Kaufman also cited recent developments such as exchange-traded funds (ETFs) and interest from institutional investors as reasons for the move. “Cryptocurrencies can add value to our treasury strategy and serve as a store of value,” he said.

Steakholder Foods, headquartered in Rehovot, Israel, focuses on sustainable food technology. The decision to invest in cryptocurrencies reflects the company's interest in new financial strategies beyond its core business.

Beck and Polo

Beck & Bulow, a meat and seafood company headquartered in Santa Fe, Announce Last April, it announced that it would begin accepting bitcoin as payment, both online and in-store. This step, which the company described as an “innovative step,” aims to enhance payment flexibility and enhance financial independence for customers and employees.

Through integration with IBEX, a third-party payment processor, customers can now purchase Beck & Bulow products using Bitcoin. But the company did not 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, strengthening 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 has pledged to integrate Bitcoin into its employee 401(k) program, offering employees a way to invest in digital assets as part of their retirement planning.

This bold move places Beck & Bulow among a growing number of companies adopting Bitcoin, not only as a means of payment but also as a key component of their financial strategies. The company's decision reflects confidence in the role of cryptocurrency in promoting financial innovation and resilience.

Chipotle

Chipotle Mexican Grill is particularly bullish on bitcoin and cryptocurrencies 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 seamlessly make cryptocurrency payments.

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 donating $100,000 in Bitcoin. Participants guessed a six-digit passcode on a microsite for a chance to win. In July 2022, Chipotle launched another cryptocurrency-themed campaign, giving away more than $200,000 in cryptocurrency through an interactive game. Of this amount, $35,000 in Bitcoin was divided among six lucky winners.

Chipotle's digital innovation extends beyond cryptocurrencies. The company has launched “Burrito Bucks,” its in-game currency on the Roblox platform, allowing players to redeem their Burrito Bucks for free entry codes redeemable at participating Chipotle locations.

Whole foods

Whole Foods currently accepts Bitcoin payments through third-party apps, allowing customers to purchase groceries using the cryptocurrency. Although the supermarket franchise does not have its own cryptocurrency treasury, the parent company is considering one.

Let's remember how Amazon.com Inc. acquired acquired Whole Foods in 2017, in a deal valued at $13.7 billion. The acquisition was a historic move at the time, marking Amazon's entry into the traditional grocery business.

Last month, a group of Amazon shareholders — led by the National Center for Public Policy Research (NCPPR) — proposed that the Seattle-based company allocate at least 5% of its assets to Bitcoin. This measure is currently scheduled to be reviewed before Amazon's 2025 annual meeting, according to the British Daily Mail. to Teacher focus.

Amazon's board of directors has not yet responded to the proposal. The push comes on the heels of a similar effort by NCPPR to encourage Microsoft to adopt Bitcoin, which was ultimately rejected by shareholders.

Starbucks

In 2018, there was some confusion regarding Starbucks' stance on accepting Bitcoin as payment. The company later clarified that it does not accept any form of cryptocurrency as a payment option. But that has changed since then.

The Seattle-based coffee giant is now accepting Bitcoin payments via Flexa's SPEDN app. This allows customers to pay for their drink and food orders using cryptocurrency.

So far, there is no indication that Starbucks is planning to build a Bitcoin vault. The company's focus appears to be on providing customers with diverse payment options rather than using cryptocurrency as a reserve asset, in line with its strategy of convenience and innovation.

While the adoption of Bitcoin as a treasury asset is still nascent in the food and beverage industry, these examples highlight the growing trend of integrating cryptocurrency into various aspects of business operations.

Honorable mentions

• Pizza Hut: In Venezuela, a casual dining franchise has begun accepting Bitcoin for payments due to the economic challenges the country is facing, although there are no reports of it holding Bitcoin as part of its treasury.
• International restaurant brands: Burger King's parent company has begun accepting bitcoin payments in select markets, including Germany and Venezuela. It remains to be seen whether the so-called “massive domicile” reveals crypto treasury holdings.
• Sheetz: The convenience store chain has begun accepting cryptocurrencies, including Bitcoin and Ethereum, at all of its locations. The move caters to the growing popularity of cryptocurrencies among consumers.