What to know : Steak 'n Shake reports a dramatic rise in same-store sales and a 50% reduction in processing fees since accepting bitcoin payments. Bitcoin payments are directed to a Strategic Bitcoin Reserve, used to fund employee bonuses. Steak n Shake added $10 million in bitcoin to its treasury, unveiled a bitcoin-themed burger, and donates a portion of bitcoin meal sales to open-source bitcoin development.
Fast food chain Steak 'n Shake has said its decision to accept bitcoin nine months ago has seen same-store sales rise “dramatically.”
Bitcoin payments are routed directly into its Strategic Bitcoin Reserve, which is then used to fund bonus payments for its employees, according to a statement posted on the company’s X account on Monday.
“Nine months ago today, Steak 'n Shake launched its burger-to-Bitcoin transformation when we started accepting bitcoin payments,” the company wrote. “Our same-store sales have risen dramatically ever since.”
The company revealed earlier this year it added $10 million worth of bitcoin to its corporate treasury, as part of a “self-reinforcing” cycle where customers pay in BTC, sales rise, and crypto revenue flows into the reserve.
Stake ’n Shake started accepting bitcoin payments in May of last year via the Lightning Network. Since then, it initially saw a 10% uptick in same-store sales, with the company’s COO, Dan Edwards revealing the firm saves about 50% in processing fees when customers pay in cryptocurrency.
In October, the fast food chain unveiled a Bitcoin-themed burger and started donating a small portion of each Bitcoin Meal to open-source Bitcoin development.
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