Fast food chain Steak ‘n Shake has announced its decision to accept bitcoin Nine months ago, same-store sales rose “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 began accepting bitcoin payments,” the company wrote. “Our same-store sales have increased dramatically ever since.”
The company revealed earlier this year that it added $10 million worth of bitcoin to its company’s coffers, as part of a “self-reinforcing” cycle where customers pay in BTC, sales increase, and crypto revenue flows into the reserve.
Stake ‘n Shake began accepting bitcoin payments last May via the Lightning Network. Since then, it initially saw a 10% increase in same-store sales, with the company’s COO, Dan Edwards, revealing that 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 began donating a small portion of each Bitcoin meal to open-source Bitcoin development.
