An insulating holder for holding either a rigid bottle having a top with a neck that increases in diameter down to a shoulder, with a larger diameter bottom half, and a bottom, or for a beverage can having a generally cylindrical diameter with a substantially flat top and bottom, the insulating holder comprising: a lower cylindrical enclosure having a closed first end and an open second end defining a cylindrical interior with an interior wall shaped to surround the bottom half of the rigid bottle or the bottom of the beverage; an invertible upper cylindrical enclosure having an open first end with a diameter and defining a cylindrical interior with an outer wall facing opposite the cylindrical interior, and a dome-shaped second end with a circular opening therein sized smaller than the diameter of the open first end; the invertible upper cylindrical enclosure structured to be inserted into the cylindrical interior of the lower cylindrical enclosure either with the dome- shaped second end inserted first to allow the beverage can to be retained within the invertible upper cylindrical enclosure and the lower cylindrical enclosure, or with the open first end inserted first to allow the neck of the rigid bottle to pass through the circular opening and have the rigid bottle from the shoulder down retained between the invertible upper cylindrical enclosure and the lower cylindrical enclosure; characterised in that the lower cylindrical enclosure has a catch at the open second end extending circumferentially around the interior wall and towards the cylindrical interior, the upper cylindrical enclosure has a lip at the open first end extending circumferentially around the outer wall and away from the outer wall, to cause an air pocket to be positioned between the outer wall and the interior wall that extends from the catch to the lip. a lower cylindrical enclosure having a closed first end and an open second end defining a cylindrical interior with an interior wall shaped to surround the bottom half of the rigid bottle or the bottom of the beverage; an invertible upper cylindrical enclosure having an open first end with a diameter and defining a cylindrical interior with an outer wall facing opposite the cylindrical interior, and a dome-shaped second end with a circular opening therein sized smaller than the diameter of the open first end; the invertible upper cylindrical enclosure structured to be inserted into the cylindrical interior of the lower cylindrical enclosure either with the dome- shaped second end inserted first to allow the beverage can to be retained within the invertible upper cylindrical enclosure and the lower cylindrical enclosure, or with the open first end inserted first to allow the neck of the rigid bottle to pass through the circular opening and have the rigid bottle from the shoulder down retained between the invertible upper cylindrical enclosure and the lower cylindrical enclosure; characterised in that the lower cylindrical enclosure has a catch at the open second end extending circumferentially around the interior wall and towards the cylindrical interior, the upper cylindrical enclosure has a lip at the open first end extending circumferentially around the outer wall and away from the outer wall, to cause an air pocket to be positioned between the outer wall and the interior wall that extends from the catch to the lip.