LQR House Inc. LQR, an e-commerce platform specializing in spirits and beverages, on Tuesday announced its Board of Directors’ approval to purchase up to $1 million worth of Bitcoin BTC/USD as part of its treasury management strategy.
What Happened: The company will also accept cryptocurrency payments on its flagship platform, CWSpirits.com, allowing customers to purchase alcohol using digital currencies.
As part of this initiative, LQR House plans to retain up to $10 million of these payments in Bitcoin, further embedding the cryptocurrency into its financial strategy.
LQR House CEO Sean Dollinger stated that Bitcoin's scarcity and fixed supply align with the company's broader vision.
"We see a unique opportunity to strengthen our treasury with an innovative investment. Bitcoin’s inherent scarcity and finite supply position it as a modern hedge against inflation," he said.
Despite integrating Bitcoin into its strategy, LQR House emphasized its commitment to core business operations, including cost-cutting measures and collaboration with new board members to drive sustainable growth.
The company also noted that its Bitcoin holdings would be closely monitored to ensure alignment with market conditions and cash flow needs.
Also Read: Crypto Exchange Gemini Launches Services In France Following Regulatory Approval
LQR House's Bitcoin adoption strategy mirrors broader trends seen in companies like MicroStrategy Inc. and Metaplanet, though on different scales.
MicroStrategy, a corporate leader in Bitcoin holdings, recently acquired 51,780 BTC for $4.6 billion at an average price of $88,627 per Bitcoin.
This purchase increased its total Bitcoin reserves to 331,200 BTC, solidifying its position as the largest corporate Bitcoin holder.
MicroStrategy's high-stakes approach is funded through at-the-market (ATM) stock offerings, demonstrating its commitment to Bitcoin as a central pillar of its financial strategy.
Similarly, Metaplanet, a technology-focused investment firm, has made bold moves in the cryptocurrency space.
The company issued ¥1.75 billion ($11.4 million) in bonds to finance additional Bitcoin acquisitions, reflecting its belief in Bitcoin as a long-term value store.
Guaranteed by Metaplanet's leadership and backed by secured assets, the bond issuance highlights a strategy focused on sustainable growth through crypto adoption.
Read Next:
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
