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Fast food chain Steak ’n Shake says that accepting bitcoin payments—introduced nine months ago—has been followed by a dramatic rise in same-store sales and a reduction in processing fees. The company also states that bitcoin payments are routed into a “Strategic Bitcoin Reserve,” which is used to fund employee bonus payments.
In a statement posted on its X account on Monday, Steak ’n Shake said that bitcoin payments are directed into its Strategic Bitcoin Reserve and then used to pay employee bonuses.
“Nine months ago today, Steak 'n Shake launched its burger-to-Bitcoin transformation when we started accepting bitcoin payments,” the company wrote. “Our same-store sales have risen dramatically ever since.”
The company previously reported that since starting to accept bitcoin payments in May of last year via the Lightning Network, it saw an initial 10% uptick in same-store sales.
Steak ’n Shake’s COO, Dan Edwards, also said the company saves about 50% in processing fees when customers pay in cryptocurrency.
Earlier this year, Steak ’n Shake said it added $10 million worth of bitcoin to its corporate treasury. The company described this as part of a “self-reinforcing” cycle in which customers pay in BTC, sales rise, and crypto revenue flows into the reserve.
In October, the company unveiled a Bitcoin-themed burger and began donating a small portion of each “Bitcoin Meal” to open-source bitcoin development.
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