Company: IPST
Filing Date: 2025-12-12
Form Type: S-1/A
Source: 0001213900-25-121277
Chunk: 194

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-12-12
Form: S-1/A
Chunk 194
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 typically publicly disclose their trade data. Competition for $IP Thousands of digital assets have been developed since the inception of Bitcoin, which is currently the most developed digital asset because of the length of time it has been in existence, the investment in the infrastructure that supports it, and the network of individuals and entities that are using Bitcoin in transactions. While $IP Tokens have enjoyed some success in its limited history, the aggregate value of outstanding $IP Tokens is much smaller than that of Bitcoin and many other digital assets and may be further eclipsed by the more rapid development of other digital assets. In addition, a number of other blockchain -basedor digital asset -orientedprotocols also function as intellectual property rights management systems, including Audius, LBRY and Royal.io. 114 Our Craft Spirits Segment We compete in the craft spirits segment, which is the most rapidly -growingsegment of the overall $288 billion spirits market. According to the American Craft Spirits Association, a craft distillery is defined generally as a distillery that produces fewer than 750,000 gallons annually and holds an ownership interest of 51% or more of a distilled spirits plant that is licensed by the Alcohol and Tobacco Tax and Trade Bureau of the U.S. Department of the Treasury. According to Emergen Research, the global craft spirits market was valued at $27.48billion in 2024, was forecasted to reach $260.65billion by 2034 and was estimated to grow at a compound annual growth rate (“CAGR”) of 28.4% by 2034. We believe we are well positioned to grow in excess of the growth rate of the market by increasing our marketing efforts, increasing the size of our sales teams and broadening our wholesale distribution. Out of the more than 2,600 craft producers in North America, we have been recognized with more awards for our products from the American Distilling Institute, the leading independent spirits association in the U.S., than any other North American craft distiller for a decade, plus numerous other Best of Class, Double Gold and Gold medals from multiple national and international spirits competitions. We are one of the largest craft spirits producers on the West Coast based on revenues and are developing a national reach in the U.S. through traditional sales channels (wholesale, on -premisesand e -commerce) and our unique and recently -developedTribal Beverage Network (“TBN”) sales channel. Based upon our track record of winning industry awards in an increasingly competitive environment, we believe we are one