Steak ‘n Shake has announced a significant increase in same-store sales following its decision to accept bitcoin payments nine months ago. The fast food chain revealed that the integration of cryptocurrency into its payment system has led to a notable rise in customer transactions.
According to a statement released on the company’s X account, all bitcoin payments are directed into a Strategic Bitcoin Reserve. This reserve is utilized to fund employee bonuses, creating a cycle where increased sales further bolster the company’s bitcoin holdings. “Nine months ago today, Steak ‘n Shake launched its burger-to-Bitcoin transformation when we started accepting bitcoin payments,” the company stated, emphasizing the positive impact on sales.
Initially, Steak ‘n Shake experienced a 10% increase in same-store sales after implementing bitcoin payments last May through the Lightning Network. Dan Edwards, the company’s COO, noted that accepting cryptocurrency has allowed the chain to save approximately 50% on processing fees compared to traditional payment methods.
In addition to its payment innovations, the company also introduced a Bitcoin-themed burger in October, pledging to donate a portion of the proceeds from each Bitcoin Meal to support open-source Bitcoin development. This initiative reflects Steak ‘n Shake’s commitment to engaging with the cryptocurrency community while enhancing its brand image.
Steak 'n Shake reports a dramatic rise in same-store sales since adopting bitcoin payments, with funds directed to a Strategic Bitcoin Reserve for employee bonuses. The initiative has also led to cost savings and the introduction of a Bitcoin-themed menu item.