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Well-known burger chain Steak ’n Shake reports significant sales increase due to bitcoin adoption.
Bitcoin payments are allocated to a Strategic Bitcoin Reserve, utilized for financing employee bonuses according to the company.
A burger and some fries (sk/Unsplash/Modified by CoinDesk)
Key points:
- Steak ‘n Shake has reported a significant increase in same-store sales and a 50% decrease in processing fees since they began accepting bitcoin payments.
- Bitcoin payments are directed towards a Strategic Bitcoin Reserve, utilized for employee bonuses.
- Steak n Shake has incorporated $10 million in bitcoin into its treasury, introduced a bitcoin-themed burger, and contributes a portion of bitcoin meal sales to open-source bitcoin development.
The fast food chain Steak ‘n Shake announced that its move to accept bitcoin nine months ago has led to a notable rise in same-store sales.
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Payments made in bitcoin are directed straight into its Strategic Bitcoin Reserve, which is subsequently employed to provide bonuses for employees, as stated in a post on the company’s X account on Monday.
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“Today marks nine months since Steak ‘n Shake initiated its transition from burgers to Bitcoin by accepting bitcoin payments,” the company stated. “Our same-store sales have seen a significant increase since then.”
The company disclosed earlier this year that it had added $10 million in bitcoin to its corporate treasury, forming a “self-reinforcing” loop where customers pay with BTC, sales climb, and cryptocurrency revenue is added to the reserve.
Steak ‘n Shake commenced accepting bitcoin payments in May of the previous year via the Lightning Network. Following this, it initially experienced a 10% increase in same-store sales, with the firm’s COO, Dan Edwards, indicating that the company saves approximately 50% in processing fees when customers utilize cryptocurrency for payments.
In October, the fast food chain launched a Bitcoin-themed burger and began donating a small fraction of each Bitcoin Meal to support open-source Bitcoin development.
