In a significant move for both the fast-food industry and the cryptocurrency market, Steak ‘n Shake has announced an increase in its Bitcoin exposure by $10 million. This decision comes as Bitcoin experiences record-low volatility, a trend analysts attribute to increased institutional adoption and ongoing regulatory clarity.
The longstanding restaurant chain, which was founded in 1934, mentioned that its same-store sales have “dramatically” improved since it began accepting Bitcoin payments approximately eight months ago. The company revealed this information in a post on X, emphasizing that all Bitcoin transactions are routed into its Strategic Bitcoin Reserve (SBR). This reserve, established in late October, serves as a dedicated fund for the Bitcoin acquired through customer purchases.
In conjunction with this initiative, Steak ‘n Shake pledged to donate 210 satoshi from every Bitcoin meal sold over the course of the next year to OpenSats Initiative, Inc., a nonprofit organization focused on supporting open-source Bitcoin development. The SBR and the donation initiative illustrate the company’s commitment not just to embracing cryptocurrency, but also to contributing to its broader ecosystem.
Bitcoin, known by its ticker BTC, is currently trading at approximately $95,138.87, showing a slight decline of 0.4% within the past 24 hours. Despite this dip, retail sentiment surrounding Bitcoin remains optimistic, with recent discussions on Stocktwits reflecting a bullish outlook among investors.
The timing of Steak ‘n Shake’s increased Bitcoin investment is particularly notable, as Bitcoin’s volatility has hit historic lows. Analyst Quienten Fracois noted that current volatility stands at just 1.07% for the past month, indicating a stable market environment. This reduced volatility has been linked to a growing interest from Wall Street and greater regulatory clarity from Washington, particularly in anticipation of upcoming legislation regarding the crypto market structure.
As the landscape of cryptocurrency continues to evolve, Steak ‘n Shake’s strategic moves reflect an increasing intersection between traditional businesses and digital currencies, highlighting the growing acceptance of Bitcoin in everyday transactions.
