Business
LQR House Inc. Board of Directors Approves Purchase of Up to $1M Bitcoin as Treasury Reserve Asset and Retention of Up to $10M Crypto Payments on CWSpirits.com
MIAMI, FL / ACCESSWIRE / November 19, 2024 / LQR House Inc. (the "Company" or "LQR House") (NASDAQ:LQR), a niche e-commerce platform specializing in the
About this update from Lqr House Inc.
[{"type":"text","content":"MIAMI, FL / ACCESSWIRE / November 19, 2024 / LQR House Inc. (the \"Company\" or \"LQR House\") (NASDAQ:LQR), a niche e-commerce platform specializing in the spirits and beverage industry, today announced that its Board of Directors has approved the purchase of up to $1 million in Bitcoin as part of its treasury management strategy.In addition, the Company will now accept cryptocurrency payments on CWSpirits.com, giving customers the flexibility to purchase alcohol using digital currencies. As part of this initiative, LQR House has adopted a policy to retain up to $10 million of these crypto payments in Bitcoin, reflecting the Company's confidence in the long-term potential and value of digital assets.\"As Bitcoin continues to gain traction as an accepted asset class, we see a unique opportunity to strengthen our treasury with an innovative investment,\" said Sean Dollinger, CEO of LQR House. \"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.\"While Bitcoin will now be integrated into LQR House's diversified strategy, the Company remains firmly committed to its core operations. This includes executing its previously announced cost-cutting initiatives aimed at enhancing profitability and collaborating closely with its new board members to define and implement the most effective strategies for sustainable growth.LQR House will monitor its Bitcoin holdings closely, ensuring they align with market conditions and the Company's cash flow requirements.About LQR House Inc.LQR House intends to become a prominent force in the wine and spirits e-commerce sector, epitomized by its flagship alcohol marketplace, cwspirits.com. This platform seamlessly delivers a diverse range of emerging, premium, and luxury spirits, wines, and champagnes from esteemed retail partners like Country Wine & Spirits. Functioning as a technology-driven hub, LQR House utilizes software, data analytics, and artificial intelligence to elevate the consumer experience. CWSpirits.com stands out as the go-to destination for modern, convenience-oriented shoppers, providing a curated selection of alcohol products delivere...