LQR House to Purchase $1M worth of Bitcoin as Treasury Reserve Asset.

LQR House, an e-commerce platform in the spirits and beverage sector, has announced a strategic move into cryptocurrency. In a press release on November 19, the company expressed interest in adopting Bitcoin as a treasury reserve asset.

This move is part of LQR House’s broader strategy to integrate Bitcoin into its operations, demonstrating the firm’s belief in the cryptocurrency’s long-term value. 

LQR House to Purchase $1M worth of Bitcoin

According to the press release, the LQR House Board of Directors has approved the purchase of up to $1 million in Bitcoin as part of its treasury management strategy.

Highlighting Bitcoin’s scarcity and potential as a hedge against inflation, the firm’s CEO, Sean Dollinger, said that this move complements the company’s innovative approach.

“As Bitcoin continues to gain traction as an accepted asset class, we see a unique opportunity to strengthen our treasury with an innovative investment. In our opinion, Bitcoin’s inherent scarcity and finite supply position it as a modern hedge against inflation and a safe haven in times of economic uncertainty. We believe Bitcoin aligns with our forward-thinking strategy and complements our mission to drive innovation across all aspects of our business,” he stated. 

Furthermore, the company said it will begin accepting cryptocurrencies as a form of payment on its website, CWSpirits.com. As part of this initiative, LQR House has adopted a policy to hold up to $10 million of these crypto payments in Bitcoin, reflecting its confidence in the asset’s value and long-term potential. 

Despite this bold move, the company emphasized its continued focus on core business activities, including cost-cutting measures and strategic growth initiatives.

Growing Bitcoin Adoption 

The strategic move by LQR House aligns with a broader trend in which businesses and investors are turning to Bitcoin as a primary asset. Earlier this year, Semler Scientific, a healthcare technology provider, adopted the leading cryptocurrency as its primary treasury reserve asset. 

In a similar move, Solidion Technology, a provider of advanced battery materials, announced last week that it will allocate 60% of the excess cash generated from operations to t bitcoin acquisitions.