Fast food chain Steak ‘n Shake has announced its decision to accept bitcoins Nine months ago, same-store sales increased “dramatically.”
Bitcoin payments are sent directly to its Strategic Bitcoin Reserve, which is then used to fund bonus payments for its employees, according to a statement posted to the company’s X account on Monday.
“Nine months ago today, Steak ‘n Shake launched its burger-to-Bitcoin transformation as we began accepting bitcoin payments,” the company wrote. “Our same-store sales have increased dramatically since then.”
The company revealed earlier this year that it added $10 million in bitcoin to its corporate treasury, as part of a “self-reinforcing” cycle in which customers pay in BTC, sales increase, and crypto revenue flows into the reserve.
Stake ‘n Shake began accepting bitcoin payments in May last year via the Lightning Network. Since then, it initially saw a 10% increase in same-store sales, and the company’s chief operating officer, Dan Edwards, revealed that the company saves around 50% on processing fees when customers pay in cryptocurrency.
In October, the fast food chain introduced a Bitcoin-themed burger and began donating a small portion of each Bitcoin meal to open source Bitcoin development.
