Fast food chain Steak ‘n Shake announced its decision to accept Bitcoin nine months ago, same-store sales increased “significantly.”
Bitcoin payments are routed directly to its strategic Bitcoin reserve, which is then used to fund bonus payments to its employees, according to a statement posted Monday on the company’s X account.
“Nine months ago today, Steak ‘n Shake launched its burger transformation to Bitcoin when we began accepting Bitcoin payments,” the company wrote. “Since then, our same-store sales have increased dramatically. »
The company revealed earlier this year that it had added $10 million worth of bitcoin to its corporate treasury, part of a “self-reinforcing” cycle in which customers pay in BTC, sales increase and crypto revenue enters the reserve.
Stake ‘n Shake began accepting Bitcoin payments in May last year via the Lightning Network. Since then, same-store sales initially increased by 10%, with the company’s COO Dan Edwards revealing that the company saves around 50% on 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.
