Luxury Supplier SFLMAVEN Accepts Bitcoin as Payment, Adds BTC to Balance Sheet

SFLMaven, a major supplier of high-end luxury goods, will reportedly start accepting Bitcoin as a payment method to purchase products and intends to strengthen its reserves with BTC, which has been added to its balance sheet. Management noted operating solid cash flow for the company in 2022 due to increased demand, increased web traffic to its online store, and record participation in the SFLMaven Vintage Jewelry auction, with CEO Joseph Ladin commenting: "As a result, we have begun to invest regularly through Bitcoin to diversify a company’s cash exposure.” The company also plans to begin implementing its Metaverse strategy, pledging to increase sales in 2022, further enhance alternative payment systems and diversify financial asset allocations.