This publicly traded distiller is launching a Bitcoin treasury stock.

Number of publicly traded companies Bitcoin The standard is growing, and the latest entry on Orange Coin is the spirits firm Heritage Distilling.

Heritage Distilling, which trades on the Nasdaq under the ticker symbol CEC, announced Friday that it will hold and accept cryptocurrency as a “strategic asset.” The company said the plan could be approved, but before anything happens, Heritage will first prepare a policy plan for the board to greenlight.

But Washington-based Gig Harbor is “recognizing the millions of consumers who regularly use Bitcoin as an asset and as a currency,” he said.

“Heritage is always an innovator and we are leading the craft space as we prepare to once again accept Bitcoin as a payment method for online e-commerce sales and sales,” Heritage CEO Justin Stifel said in a statement. Treat Bitcoin as an asset.

CASK ended the day down 2.5% at $1.55. The share price is down 47% from last month.

The company may have been inspired by MicroStrategy – the quiet software company-turned-Bitcoin treasury giant.

Micro strategy First purchased Bitcoin to make big profits for shareholders in 2020 and fight inflation. It now holds a total of 447,470 bitcoins, which is worth $42.4 billion at today's price of $94,781. Michael Saylor, the founder of MicroStrategy, argues that other companies should follow suit to get the best returns for shareholders.

Other public U.S. companies—albeit smaller ones—have done the same as the price of Bitcoin reached new highs in the past year. Healthcare company Cosmos Health (NASDAQ: COSM) and the car company Work sport (NASDAQ: WKSP ) are notable examples.

Edited by Andrew Hayward