The US-listed company LQR House will purchase $1 million worth of Bitcoin as a reserve asset.
On November 19, LQR House, an e-commerce company focused on the spirits and beverage industry, announced that its board of directors has approved the purchase of up to $1 million worth of Bitcoin as part of its financial management strategy. Additionally, the company will accept cryptocurrency payments on CWSpirits.com, providing customers with the flexibility to use digital currency to purchase alcohol products.
As part of this initiative, LQR House has adopted a policy to retain up to $10 million in cryptocurrency payments and hold the Bitcoin received from these transactions, reflecting the company's confidence in the long-term potential and value of digital assets.
This move reflects the growing trend of traditional companies acquiring Bitcoin as a reserve asset. As Allinstation reported, the artificial intelligence company Genius Group recently launched a strategy to convert the majority of its financial reserves into Bitcoin. According to the announcement on November 18, the company has purchased 110 Bitcoin, with a total value of $10 million, at an average price of $90,932 per BTC. This is the first step in Genius Group's long-term financial plan to optimize its financial objectives through the accumulation of Bitcoin.
Additionally, a Japanese-listed company, Metaplanet, has also purchased more Bitcoin. In the context of the ongoing Bitcoin race, MicroStrategy, led by Michael Saylor, also announced the purchase of an additional 51,780 Bitcoin worth $4.6 billion on November 18, bringing its total Bitcoin holdings to 331,200 BTC.
