Heritage plus 5 food, beverage companies embracing Bitcoin

Heritage Distilling is the latest company to integrate Bitcoin into its operations by accepting it as a payment method or holding it as part of their corporate treasury.

Gig Harbor, Washington-based specialty spirits producer will implement Bitcoin (BTC) payments through its direct-to-consumer e-commerce platform. The move follows the creation of the company’s Technology and Cryptocurrency Committee, led by digital payments expert Matt Swann.

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

The company also shares a different approach to managing Bitcoin price fluctuations, insisting that it offers protection that traditional Bitcoin investors do not have when purchasing with fiat currency.

As a consumer product manufacturer, Heritage notes that its production margins provide a buffer against Bitcoin price fluctuations.

“As a company that manufactures products for sale, acceptable margins between the retail price of our products and manufacturing costs are expected to offset potential fluctuations in the value of the bitcoin we accept as payment,” CEO Justin Stiefel said in a prepared statement on Jan. 10. expression.

Swann, who chairs the company’s Technology and Cryptocurrency Committee, will develop a formal Bitcoin Treasury Policy for board approval.

“Bitcoin’s growth is still in its early stages and the opportunity for companies to accept Bitcoin as payment is significant,” he added.

This policy is based on recent developments in corporate Bitcoin adoption (e.g. MicroStrategy) as companies adopt cryptocurrency for Treasury management and/or payment options. A few other notable examples in the food/beverage field:

Steak Holder Foods

Steakholder Foods Ltd., a company specializing in alternative protein production, announced in November that its board of directors had approved the purchase of up to $1 million in Bitcoin or cryptocurrency tracking indices.

CEO Arik Kaufman announced the decision, citing the growing popularity of cryptocurrencies. “As demand for cryptocurrencies grows and their acceptance as an asset class increases, we believe Bitcoin or a mix of cryptocurrencies will become strong treasury reserve assets for the company,” he said.

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

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

Beck and Bulow

Beck & Bulow, a Santa Fe-based meat and seafood company, announced last April that it would begin accepting Bitcoin as both an online and in-store payment method. The move, described by the company as an “innovative step”, aims to increase payment flexibility and promote financial independence for customers and employees.

Thanks to integration with third-party payment processor IBEX, customers will now be able to purchase Beck & Bulow products using Bitcoin. But the company didn’t stop there. It also announced 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 the long-term potential of Bitcoin,” the company said in a statement.

Beck & Bulow’s commitment to Bitcoin extends beyond payments and treasury. The company has promised to include Bitcoin in its employee 401(k) program, offering employees a way to invest in the digital asset as part of their retirement planning.

This bold move places Beck & Bulow among a growing number of businesses embracing Bitcoin not only as a payment method, but also as a key component of their financial strategies. The company’s decision reflects confidence in the role of cryptocurrency in driving financial innovation and resilience.

chipotle

Chipotle Mexican Grill is particularly optimistic about Bitcoin and digital currencies as part of its strategy to innovate and engage with tech-savvy customers. The fast-casual restaurant chain accepts Bitcoin and other cryptocurrencies for in-store payments through its digital payment platform Flexa. 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 and reward customers. In April 2021, the company celebrated National Burrito Day by giving away $100,000 in Bitcoin. Participants guessed a six-digit password on a microsite for a chance to win. In July 2022, Chipotle ran another crypto-themed campaign that awarded over $200,000 in digital currency prizes through an interactive game. Of this, $35,000 was split among six lucky winners in Bitcoin.

Chipotle’s digital innovation extends beyond cryptocurrencies. The company launched “Burrito Bucks,” an in-game currency on the Roblox platform, allowing players to exchange their Burrito Bucks for free pass codes that can be redeemed at participating Chipotle locations.

Whole Foods

Whole Foods currently accepts Bitcoin payments through third-party apps, allowing customers to purchase groceries using the cryptocurrency. While the supermarket franchise doesn’t have its own crypto treasury, its parent company is reportedly considering one.

Recall how Amazon.com Inc. acquired Whole Foods in 2017 in a deal valued at $13.7 billion. This acquisition was a landmark move at the time and marked Amazon’s entry into the physical 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. The measure is currently set for review ahead of Amazon’s 2025 annual meeting, according to Guru Focus.

Amazon’s board of directors has not yet responded to the offer. This move follows a similar effort by NCPPR to encourage Microsoft to adopt Bitcoin; but this was ultimately rejected by the shareholders.

Starbucks

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

The Seattle-based coffee giant now accepts Bitcoin payments through 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 plans to launch a Bitcoin treasury. The company’s focus appears to be on offering customers a variety of 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 in the food and beverage industry is still evolving, these examples highlight a growing trend to integrate cryptocurrency into various aspects of business operations.

Honorable Mention: Pizza Hut: In Venezuela, the casual dining franchise started accepting Bitcoin for payments due to the country’s economic difficulties, but there are no reports of Bitcoin being held as part of the treasury. Restaurant Brands International: Burger King’s parent company has begun accepting Bitcoin for payments in select markets, including Germany and Venezuela. It is not yet known whether the so-called “house of Whopper” has disclosed its crypto treasury holdings. Sheetz: The grocery chain has begun accepting digital currencies, including Bitcoin and Ethereum, at all its locations. This move speaks to the growing popularity of cryptocurrencies among consumers.