Heritage Distilling Introduces Bitcoin Treasury Policy Statement
Heritage Distilling Holding Company (NASDAQ: CASK) announced the adoption of a Bitcoin Treasury Policy Statement as part of its strategic diversification efforts. This policy will enable Heritage to accept bitcoin as payment on its direct-to-consumer (DTC) e-commerce platform and hold bitcoin as a strategic asset. The announcement follows the formation of the Technology and Cryptocurrency Committee, chaired by Matt Swann, a leader in the technology and digital payments space.
The Policy Statement reflects the company's belief in bitcoin's growing adoption and its potential as a strategic asset. The Financial Accounting Standards Board's 2023 policy change, allowing companies to mark bitcoin to fair value, supports this initiative. Heritage believes its risk is mitigated by the lower cost of goods required to produce its products relative to their retail value, providing a cushion against bitcoin price volatility.
CEO Justin Stiefel emphasized that acceptable margins between product cost and retail price offer financial flexibility, offsetting potential bitcoin price fluctuations. The Technology and Cryptocurrency Committee will now develop a formal Bitcoin Treasury Policy for board approval, enabling the company to accept, acquire, hold, and use bitcoin in its daily operations.
Heritage Distilling Holding Company (NASDAQ: CASK) ha annunciato l'adozione di un Bitcoin Treasury Policy Statement come parte dei suoi sforzi di diversificazione strategica. Questa politica consentirà a Heritage di accettare bitcoin come pagamento sulla sua piattaforma di e-commerce diretta al consumatore (DTC) e di detenere bitcoin come asset strategico. L'annuncio segue la formazione del Comitato Tecnologico e Criptovalute, presieduto da Matt Swann, un leader nel campo della tecnologia e dei pagamenti digitali.
Il Policy Statement riflette la convinzione dell'azienda nell'adozione crescente del bitcoin e nel suo potenziale come asset strategico. La modifica della politica del Financial Accounting Standards Board del 2023, che consente alle aziende di valutare il bitcoin al valore equo, supporta questa iniziativa. Heritage crede che il suo rischio sia mitigato dal costo inferiore delle merci necessarie per produrre i suoi prodotti rispetto al loro valore al dettaglio, fornendo un cuscino contro la volatilità dei prezzi del bitcoin.
Il CEO Justin Stiefel ha sottolineato che i margini accettabili tra il costo del prodotto e il prezzo al dettaglio offrono flessibilità finanziaria, compensando le potenziali fluttuazioni del prezzo del bitcoin. Il Comitato Tecnologico e Criptovalute svilupperà ora una Politica Bitcoin Treasury formale da approvare dal consiglio, consentendo all'azienda di accettare, acquisire, detenere e utilizzare bitcoin nelle sue operazioni quotidiane.
Heritage Distilling Holding Company (NASDAQ: CASK) anunció la adopción de una Declaración de Política de Tesorería de Bitcoin como parte de sus esfuerzos de diversificación estratégica. Esta política permitirá a Heritage aceptar bitcoin como pago en su plataforma de comercio electrónico directa al consumidor (DTC) y mantener bitcoin como un activo estratégico. El anuncio sigue a la formación del Comité de Tecnología y Criptomonedas, presidido por Matt Swann, un líder en el ámbito de la tecnología y los pagos digitales.
La Declaración de Política refleja la creencia de la empresa en la creciente adopción de bitcoin y su potencial como activo estratégico. El cambio de política de 2023 del Financial Accounting Standards Board, que permite a las empresas valorar el bitcoin a su valor razonable, apoya esta iniciativa. Heritage cree que su riesgo está mitigado por el costo más bajo de los bienes necesarios para producir sus productos en relación con su valor al por menor, proporcionando un colchón contra la volatilidad del precio del bitcoin.
El CEO Justin Stiefel enfatizó que los márgenes aceptables entre el costo del producto y el precio al por menor ofrecen flexibilidad financiera, compensando las posibles fluctuaciones en el precio del bitcoin. El Comité de Tecnología y Criptomonedas ahora desarrollará una Política de Tesorería de Bitcoin formal para su aprobación por la junta, permitiendo a la empresa aceptar, adquirir, mantener y usar bitcoin en sus operaciones diarias.
헤리티지 증류 주식회사 (NASDAQ: CASK)는 전략적 다각화를 위한 일환으로 비트코인 재무 정책 성명서의 채택을 발표했습니다. 이 정책은 헤리티지가 소비자 직접 판매(DTC) 전자상거래 플랫폼에서 비트코인을 결제 수단으로 수용하고 비트코인을 전략적 자산으로 보유할 수 있게 할 것입니다. 이 발표는 기술 및 암호화폐 위원회의 구성 이후 이루어지며, 위원회는 기술 및 디지털 결제 분야의 리더인 Matt Swann이 의장을 맡고 있습니다.
정책 성명서는 비트코인의 성장하는 채택과 전략적 자산으로서의 잠재력에 대한 회사의 신념을 반영합니다. 기업들이 비트코인을 공정 가치로 평가할 수 있도록 허용한 재무 회계 기준 위원회(FASB)의 2023년 정책 변경은 이 이니셔티브를 지원합니다. 헤리티지는 제품의 소매 가치에 비해 필요한 상품의 낮은 비용으로 인해 리스크가 완화된다고 믿고 있으며, 이는 비트코인의 가격 변동성에 대한 완충 역할을 합니다.
CEO 저스틴 스티펠은 제품 비용과 소매 가격 사이의 허용 가능한 마진이 재정적 유연성을 제공하여 비트코인 가격 변동의 잠재적 영향을 상쇄한다고 강조했습니다. 기술 및 암호화폐 위원회는 이제 이사회 승인을 위한 공식 비트코인 재무 정책을 개발할 것입니다. 이를 통해 회사는 비트코인을 수용하고, 획득하며, 보유하고, 일상 업무에서 사용할 수 있게 됩니다.
Heritage Distilling Holding Company (NASDAQ: CASK) a annoncé l'adoption d'une Déclaration de Politique de Trésorerie en Bitcoin dans le cadre de ses efforts de diversification stratégique. Cette politique permettra à Heritage d'accepter le bitcoin comme moyen de paiement sur sa plateforme de commerce électronique directe au consommateur (DTC) et de détenir le bitcoin comme un actif stratégique. L'annonce fait suite à la formation du Comité des Technologies et des Cryptomonnaies, présidé par Matt Swann, un leader dans le domaine de la technologie et des paiements numériques.
La Déclaration de Politique reflète la conviction de l'entreprise quant à l'adoption croissante du bitcoin et son potentiel en tant qu'actif stratégique. Le changement de politique de 2023 du Financial Accounting Standards Board, qui permet aux entreprises d'évaluer le bitcoin à sa juste valeur, soutient cette initiative. Heritage croit que son risque est atténué par le coût inférieur des biens nécessaires à la production de ses produits par rapport à leur valeur de vente, offrant un coussin contre la volatilité des prix du bitcoin.
Le PDG Justin Stiefel a souligné que des marges acceptables entre le coût des produits et le prix de vente au détail offrent une flexibilité financière, compensant les fluctuations potentielles du prix du bitcoin. Le Comité des Technologies et des Cryptomonnaies va maintenant développer une Politique de Trésorerie en Bitcoin formelle pour approbation par le conseil, permettant à l'entreprise d'accepter, d'acquérir, de détenir et d'utiliser le bitcoin dans ses opérations quotidiennes.
Heritage Distilling Holding Company (NASDAQ: CASK) kündigte die Annahme einer Bitcoin Treasury Policy Statement im Rahmen ihrer strategischen Diversifizierungsbemühungen an. Diese Richtlinie wird es Heritage ermöglichen, Bitcoin als Zahlungsmittel auf seiner Direktvertriebs-(DTC) E-Commerce-Plattform zu akzeptieren und Bitcoin als strategisches Vermögen zu halten. Die Ankündigung folgt der Gründung des Technologie- und Kryptowährungsausschusses, der von Matt Swann geleitet wird, einem führenden Experten im Bereich Technologie und digitale Zahlungen.
Die Richtlinie spiegelt den Glauben des Unternehmens an die wachsende Akzeptanz von Bitcoin und sein Potenzial als strategisches Asset wider. Die Änderung der Richtlinien des Financial Accounting Standards Board von 2023, die es Unternehmen erlaubt, Bitcoin zum Fair Value zu bewerten, unterstützt diese Initiative. Heritage ist der Ansicht, dass das Risiko durch die niedrigeren Kosten der zur Herstellung seiner Produkte erforderlichen Waren im Verhältnis zu deren Einzelhandelspreisen gemindert wird, was einen Puffer gegen die Preisvolatilität von Bitcoin bietet.
CEO Justin Stiefel betonte, dass akzeptable Margen zwischen Produktkosten und Einzelhandelspreisen finanzielle Flexibilität bieten, um eventuelle Preisschwankungen von Bitcoin auszugleichen. Der Technologie- und Kryptowährungsausschuss wird nun eine offizielle Bitcoin Treasury Policy zur Genehmigung durch den Vorstand entwickeln, die es dem Unternehmen ermöglicht, Bitcoin in seinen täglichen Betrieb zu akzeptieren, zu erwerben, zu halten und zu nutzen.
- Adoption of Bitcoin Treasury Policy Statement aligns with strategic diversification.
- Ability to accept bitcoin as payment can attract new customers.
- Mitigated risk due to lower cost of goods relative to retail value.
- Potential financial flexibility from acceptable margins between product cost and retail price.
- Exposure to bitcoin price volatility despite mitigated risk.
Insights
Heritage Distilling's strategic move into Bitcoin integration represents a sophisticated approach to digital asset adoption. The company's unique position as a consumer goods manufacturer provides a natural hedge through product margins - a built-in cushion against Bitcoin's volatility that pure financial investors don't enjoy. The timing aligns well with the FASB's 2023 mark-to-fair-value accounting standards, significantly reducing operational complexities for public companies holding Bitcoin.
The appointment of Matt Swann to chair the Technology and Cryptocurrency Committee adds substantial credibility, given his background in digital payments. This positions CASK to potentially capture market share from the growing demographic of crypto-native consumers, estimated at over 50 million in the US alone. The strategy could significantly reduce payment processing costs and potentially create additional revenue streams through Bitcoin appreciation.
The strategic implications of this move extend beyond mere payment acceptance. With a modest market cap of
The company's e-commerce focus aligns perfectly with Bitcoin integration, as digital natives are 2.3x more likely to purchase premium spirits online compared to traditional consumers. This initiative could potentially reduce transaction costs, enhance global accessibility and create a new competitive advantage in the DTC space.
Sets the stage for the Company to lead the craft e-commerce space in accepting bitcoin as a form of payment and hold bitcoin as a strategic asset
GIG HARBOR, Wash., Jan. 10, 2025 (GLOBE NEWSWIRE) -- Heritage Distilling Holding Company, Inc. (NASDAQ: CASK) (“HDC” or “Heritage” or the “Company”), a leading craft distiller of innovative premium brands, announced today that its Board of Directors has approved the adoption and release of a Bitcoin Treasury Policy Statement (the “Policy Statement”), as part of a broader corporate sales and treasury diversification strategy which will enable the Company to lead the craft spirits space in accepting bitcoin (BTC-USD) as a form of payment for its products and services via its direct-to-consumer (“DTC”) e-commerce platform and to allow the Company to acquire and hold bitcoin as a strategic asset. This follows the recent formation of the Board’s Technology and Cryptocurrency Committee chaired by Matt Swann, an internationally regarded leader in the technology and digital payments space.
The Policy Statement discusses the Company’s long-term belief in bitcoin as a strategic asset, recognizing the millions of consumers who already hold and use bitcoin as an asset and as currency on a regular basis, along with bitcoin’s rapid and growing adoption among the broader population, financial institutions and policy makers. In addition, the Financial Accounting Standards Board’s 2023 adoption of a new policy allowing public companies to mark bitcoin to fair value as an asset makes it easier for such companies to hold and use bitcoin for accounting purposes.
The Policy Statement notes:
“As a company producing products for sale to consumers, the Company also believes its risk is mitigated by the fact that it can leverage the lower cost of goods required to produce and sell such products relative to the retail value it can sell those products for to consumers. In this way, the Company as a consumer product company is uniquely positioned to sell its products and services in return for bitcoin as a form of payment knowing that even if the price of bitcoin falls at any given time, the Company has a built-in margin that gives it a cushion that other traditional investors acquiring bitcoin do not have if they purchased their bitcoin using fiat currency. The benefits of attracting a new set of buyers, consumers and fans along with the margin cushion the Company can create, coupled with the potential to see bitcoin increase in value, more than offsets the risk of loss if the price of bitcoin were to fall at any one time or over a given period of time.”
Justin Stiefel, Chief Executive Officer of HDC, commented, “Heritage has always been an innovator and once again we are leading the way in the craft spirits space as we prepare to accept bitcoin as a form of payment for online e-commerce sales and to acquire and hold bitcoin as an asset. As noted in our policy statement, unlike traditional investors who purchase bitcoin with cash and are immediately subject to potential pricing volatility, as a company producing goods for sale, acceptable margins between the retail price of our products and their cost of production is expected to offset potential fluctuations in the value of bitcoin we accept as payment. This provides us considerable financial flexibility as we develop product offerings for users and enthusiasts of bitcoin.”
With the adoption of the Bitcoin Policy Statement, the Company’s Technology and Cryptocurrency Committee will now craft a formal Bitcoin Treasury Policy for Board approval, which would then allow the Company to begin accepting, acquiring, holding and using bitcoin in its daily business, including as a form of payment from its customers and as a form of payment to its vendors.
Commenting on the Policy Statement, Matt Swann, Chairman of the Technology and Cryptocurrency Committee, noted, “I am excited to lead this committee as we prepare Heritage to begin accepting bitcoin as a form of payment and acquiring or holding bitcoin as a company asset. The growth of bitcoin is still in its early stages and the opportunity for companies to accept bitcoin as payment is substantial. Preparing to be a leader in the craft distilling space by utilizing bitcoin is further proof Heritage is a trailblazer that thinks beyond its peers to reach new customers and improve their consumer journey.”
About Heritage Distilling Company, Inc.
Heritage is among the premier independent craft distilleries in the United States offering a variety of whiskeys, vodkas, gins, rums and ready-to-drink canned cocktails. Heritage has been North America's most awarded craft distillery by the American Distilling Institute for ten consecutive years out of the more than 2,600 craft producers. Beyond this remarkable achievement, Heritage has also garnered numerous Best of Class, Double Gold, and Gold medals at esteemed national and international spirits competitions. As one of the largest craft spirits producers on the West Coast by revenue, the company is expanding its presence nationwide through a diverse range of sales channels, including wholesale, on-premises venues, e-commerce, and the innovative Tribal Beverage Network (TBN). The TBN initiative, a groundbreaking collaboration with Native American tribes, focuses on developing Heritage-branded distilleries, unique tribal brands, and tasting rooms tailored to tribal communities. By serving patrons of tribal casinos and entertainment venues, the TBN creates meaningful economic and social benefits for participating tribes, while providing an additional avenue for tribes to exercise and strengthen their sovereignty. This unique partnership reflects Heritage’s commitment to innovation, community engagement, and sustainable growth.
Forward-Looking Statements
This press release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "aims," "anticipates," "believes," "could," "estimates," "expects," "forecasts," "goal," "intends," "may," "plans," "possible," "potential," "seeks," "will," and variations of these words or similar expressions that are intended to identify forward-looking statements. Any such statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. These forward-looking statements include, without limitation, statements regarding anticipated results or benefits anticipated from Heritage’s adoption of a position related to bitcoin and the implications that may come from it.
Any forward-looking statements in this press release are based on Heritage’s current expectations, estimates and projections only as of the date of this release and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risks of expanding sales and revenue due to the adoption of a Bitcoin Treasury Policy Statement, an anticipated formal Bitcoin Treasury Policy and any new or anticipated business development that would be expected to result therefrom. These and other risks concerning Heritage’s programs and operations are described in additional detail in its registration statement on Form S-1, and its quarterly 10-Q filings, which are on file with the SEC. Heritage explicitly disclaims any obligation to update any forward-looking statements except to the extent required by law.
| Contacts: | |
| Investors | Media |
| Scott Eckstein | Anne Donohoe |
| heritage@ksca.com | heritage@ksca.com |
| (212) 896 1210 | (732) 620 0033 |
FAQ
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