Spirits Capital is a pre-revenue fintech company that aims to make premium American whiskey a tradeable investment asset. The company operates through three subsidiaries. Spirits Global sells Cask Investment Deeds (CIDs) — fixed-return debt instruments secured by physical whiskey barrels — directly to accredited investors and through registered investment advisors. Each CID is backed by a single barrel of aging whiskey held in a bonded, insured facility, and Spirits Global earns the spread between the CID price and its cost to acquire and store the barrel, plus any upside from whiskey appreciation at maturity. Spirits Barrels is a proprietary trading operation that buys and sells whiskey barrels for its own account, betting on price appreciation as barrels age. The third subsidiary, DBFEX, is a digital marketplace in development for trading whiskey barrels and other spirits globally, with planned revenue from annual subscriptions and transaction fees. The underlying economics rely on newly filled barrels being cheap relative to aged whiskey, which commands a significant premium. This is a capital-intensive, long-cycle business — barrels must age for years before Spirits Capital can recognize revenue — and the company has funded operations entirely through equity issuances. Spirits Global has sold 1,720 CIDs and owns 2,145 barrels, but the company has generated no revenue to date.