Fast food chain Steak ‘n Shake announces decision to accept Bitcoin Nine months ago, same-store sales were up “significantly.”
According to a statement posted on the company’s X account on Monday, Bitcoin payments are deposited directly into its strategic Bitcoin reserves, which are then used to pay bonuses to its employees.
“Nine months ago today, Steak ‘n Shake initiated the transition from burgers to Bitcoin when we started 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 the company’s coffers as part of a “self-reinforcing” cycle in which customers paid in BTC, sales increased and cryptocurrency revenue flowed into reserves.
Stake ‘n Shake began accepting Bitcoin payments via the Lightning Network last May. Since then, the company’s same-store sales have initially increased by 10%, and COO Dan Edwards revealed that the company saves about 50% on fees when customers pay with cryptocurrency.
In October, the fast-food chain launched a Bitcoin-themed burger and began donating a small portion of each Bitcoin meal to open-source Bitcoin development.
