Restaurant chain Steak ‘n Shake has recently announced a significant expansion of its Bitcoin exposure, adding $10 million to its existing holdings. This move comes as the company reports a rise in same-store sales, attributing part of this growth to its acceptance of Bitcoin payments, which it began offering approximately eight months ago.
In a post on social media platform X, Steak ‘n Shake emphasized the positive impact of its foray into cryptocurrency, stating that same-store sales have increased dramatically since the integration of Bitcoin payments into their transaction process. The company clarified that all sales made in Bitcoin are funneled into their strategic Bitcoin reserve.
Interestingly, the term “notional value” was used to describe the new Bitcoin exposure, indicating that Steak ‘n Shake is accounting for the face value of the virtual currency rather than outright purchasing $10 million worth of Bitcoin. Efforts to get further clarification from the restaurant chain went unanswered.
Steak ‘n Shake’s Bitcoin initiative began last October, when it created a strategic Bitcoin reserve by keeping all payments in Bitcoin from food and drink sales. The chain also introduced a unique menu item, the Bitcoin Steakburger, featuring a Bitcoin logo on the bun, and incentivized purchases with $5 in free Bitcoin offered through a partnership with Bitcoin financial services firm, Fold.
The restaurant characterized its approach as a self-sustaining ecosystem, linking the growth of same-store sales to the expansion of its Bitcoin reserve. Alongside these developments, Steak ‘n Shake has been exploring the possibility of accepting additional cryptocurrencies, such as Ethereum. In October, the chain conducted a poll on X to gauge public interest in this potential shift. While initial responses favored the inclusion of Ethereum, the company later suspended the poll to reaffirm its commitment to Bitcoin, following pushback from dedicated Bitcoin supporters.
Steak ‘n Shake’s innovative use of cryptocurrency reflects broader trends in the restaurant industry, as businesses increasingly look to digital currencies not just as potential investments but also as tools for enhancing customer engagement and sales.
