Abstract: An adjustable insulated receptacle comprising an upstanding wall that surrounds and defines a cavity of the receptacle which is sized and shaped to receive a beverage container. The receptacle further includes a base closing a lower end of the cavity, a rim surrounding an upper end of the cavity, and a vertical slot that is contiguous with the rim, has a lowermost extent adjacent the base, and has opposing edges between the rim and the lowermost extent. The slot is sized and shaped to receive a handle of the beverage container that protrudes from the cavity. The receptacle further includes a means for releasably securing the edges of the slot relative to each other to maintain a width of the slot and, in turn, an internal diameter of the cavity. The securing means comprises a strap that bridges the slot.