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Heritage Distilling, a Washington-based craft spirits producer, has become the first publicly traded spirits company to accept Bitcoin as payment and hold it as a treasury asset. This decision comes amid financial challenges, with a reported $3.43 million net loss in Q3 2024, raising questions about the company's ability to acquire Bitcoin without a profitability turnaround. The move aligns with a growing trend among US companies adopting Bitcoin as a corporate treasury asset, following the lead of MicroStrategy and others.
Heritage Distilling, a publicly traded spirits company on Nasdaq under the ticker CASK, plans to adopt Bitcoin as a strategic asset and accept it for online payments, pending board approval. CEO Justin Stiefel emphasized the company's innovative approach in the craft spirits sector, recognizing the growing consumer base using Bitcoin. The move follows trends set by other companies, including MicroStrategy, which has significantly invested in Bitcoin to enhance shareholder returns.
Meta has been urged to consider a Bitcoin Treasury shareholder proposal, advocating for the addition of Bitcoin to its corporate treasury, similar to initiatives by Microsoft and Amazon. The National Center for Public Policy Research highlights Bitcoin's potential as a hedge against inflation, citing successful corporate adoption by companies like MicroStrategy and Tesla. If accepted, this move could position Meta as a leader in corporate Bitcoin adoption, reflecting its commitment to innovation and financial resilience.
Heritage Distilling Company, listed on Nasdaq, has adopted a Bitcoin treasury strategy, allowing it to accept BTC for its products and services. The board approved a proposal to acquire and hold Bitcoin, aiming to leverage acceptable margins to offset potential price volatility. This move aligns with a growing trend among companies, inspired by leaders like MicroStrategy, to integrate Bitcoin into their financial strategies.
U.S. entities now hold 65% more Bitcoin reserves than offshore counterparts, reflecting a surge in institutional demand driven by regulatory clarity. The launch of spot Bitcoin ETFs in January 2024 attracted $106.8 billion, further solidifying the U.S. market's dominance. As Bitcoin prices fluctuate, optimism grows with the upcoming Trump administration, known for its pro-Bitcoin stance, promising advancements in digital finance.
The cryptocurrency market faced a significant sell-off, with Bitcoin dropping to around $93,000, marking a 4.5% decline over the week. Despite the downturn, interest in AI agents remains strong, and Bitcoin's dominance increased by 2%. Long-term holders of Ethereum have surged to 74.7%, indicating a growing confidence in the asset.
In 2024, Bitcoin's historic rally created an average of 154 new millionaires daily, totaling 56,325 over the year, as prices surged past $100,000. Despite this growth, the overall number of millionaire addresses fell short of 2023 levels, attributed to various investment methods and market dynamics. The increase in addresses holding Bitcoin was modest, with a notable rise in those between $100 and $999.99, while institutional adoption through ETFs and MicroStrategy stock purchases influenced the market landscape.
Bitcoin's price has been consolidating within an $11,200 range, struggling to break the $100,000 psychological resistance level. This stagnation is attributed to reduced buying activity from "shark" wallets and declining global liquidity, compounded by uncertainties surrounding the new US administration. Currently, Bitcoin is caught between key support at $92,000 and resistance around $99,680, reflecting a stalemate between buyers and sellers.
U.S. Bitcoin reserves have surged, surpassing international holdings by 65% due to heightened institutional and retail interest since late 2024. Major players like MicroStrategy and new entrants are driving this growth, even as Bitcoin's price corrected from a peak of over $108,000. The shift in dominance marks a significant change from 2023, when offshore entities held the majority of reserves.
Block, founded by Jack Dorsey, is on track to become the first Bitcoin treasury firm to enter the S&P 500 after meeting the necessary criteria, including a market cap exceeding $18 billion and positive earnings. The decision for inclusion ultimately lies with the S&P Index Committee, which considers various qualitative factors. Currently, Block holds 8,211 BTC valued at over $770 million, reinforcing its commitment to Bitcoin as central to its mission.
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