Major Distilling Company to Start Holding Bitcoin

Heritage Distilling, a Nasdaq-listed craft distillery, has announced that its board of directors has made a decision 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.

Matthew Sigel, head of digital research at VanEck, says that 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. Kensington-based Philadelphia Brewing Company, for instance, became the very first Bitcoin company to start accepting the original cryptocurrency as payment all the way 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