Companies in the Food and Beverage Industry Integrating Bitcoin into Operations

Heritage Distilling, a craft spirits producer based in Gig Harbor, Washington, has joined the growing list of companies integrating Bitcoin into their operations. The company will begin accepting Bitcoin payments through its direct-to-consumer e-commerce platform, following the creation of its Technology and Cryptocurrency Committee led by digital payments expert Matt Swann.

Heritage points to the Financial Accounting Standards Board’s 2023 policy change, which allows public companies to mark Bitcoin to fair value as an asset, making it more practical for corporate treasury management. The company also shares a different approach to managing Bitcoin price volatility, insisting that it offers protection that traditional Bitcoin investors lack when purchasing with fiat currency.

Managing Bitcoin Price Volatility

As a consumer product manufacturer, Heritage notes that its production margins provide a buffer against Bitcoin price fluctuations. CEO Justin Stiefel explained, “As a company producing goods for sale, acceptable margins between the retail price of our products and their cost of production are expected to offset potential fluctuations in the value of Bitcoin we accept as payment.”

Other Notable Examples in the Food/Beverage Space

Several other companies in the food and beverage industry have also adopted Bitcoin as part of their treasury management and/or payment options. Here are a few notable examples:

Steakholder Foods

Steakholder Foods Ltd., a company specializing in alternative protein production, announced in November that its board has approved the purchase of up to $1 million in Bitcoin or cryptocurrency tracking indices. CEO Arik Kaufman cited the growing popularity of cryptocurrencies and recent developments like cryptocurrency exchange-traded funds (ETFs) as reasons for the move.

Beck & Bulow

Beck & Bulow, a Santa Fe-based meat and seafood company, announced last April that it would start accepting Bitcoin as a payment method, both online and in-store. The company also revealed plans to convert 20% of its assets into Bitcoin, citing the cryptocurrency’s potential as a reliable store of value.

Chipotle

Chipotle Mexican Grill is especially bullish on Bitcoin and digital currencies 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.

Whole Foods

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

Starbucks

The Seattle-based coffee giant now accepts Bitcoin payments via Flexa’s SPEDN app. This enables customers to pay for their drink and food orders using cryptocurrency.

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

Honorable Mentions

  • Pizza Hut: In Venezuela, the casual dining franchise began accepting Bitcoin for payments due to the country’s economic challenges.
  • Restaurant Brands International: The Burger King parent company has begun accepting Bitcoin for payments in specific markets, including Germany and Venezuela.
  • Sheetz: The convenience store chain has begun accepting digital currencies, including Bitcoin and Ethereum, at all its locations.

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