Fast food chain Steak ‘n Shake has reported a significant increase in same-store sales since it began accepting bitcoin payments nine months ago. The company highlighted this development in a recent statement on its X account, crediting the acceptance of cryptocurrency for a “dramatic” rise in sales.
Steak ‘n Shake has implemented a unique system where bitcoin payments are directed into its Strategic Bitcoin Reserve. This reserve is then utilized to fund bonus payments for employees, linking the acceptance of digital currency directly to employee incentives. The initiative began in May of the previous year when the company adopted bitcoin payments through the Lightning Network. Following the launch, Steak ‘n Shake noted an initial 10% uptick in same-store sales.
The company’s Chief Operating Officer, Dan Edwards, indicated that the move to cryptocurrency has also been financially beneficial, as the organization saves approximately 50% in processing fees compared to traditional payment methods. This cost reduction has been a driving factor in the decision to continue embracing bitcoin as a payment option.
In addition to the sales increase, Steak ‘n Shake has incorporated a Bitcoin-themed burger into its menu. The initiative is part of a broader strategy to engage with the cryptocurrency community, which includes donating a portion of the profits from its Bitcoin Meal to support open-source Bitcoin development.
Earlier this year, the chain disclosed that it had added $10 million in bitcoin to its corporate treasury, creating a “self-reinforcing” cycle where acceptance of bitcoin leads to increased sales, thereby boosting the company’s crypto reserve. This innovative approach seems to have positioned Steak ‘n Shake at the forefront of the intersection between fast food and cryptocurrency, indicating a potential trend in payment processing within the industry.
