coindesk.com
Fast food chain Steak 'n Shake has said its decision to accept bitcoin $BTC$68,324.61 nine months ago has seen same-store sales rise “dramatically.”
Bitcoin payments are routed directly into its Strategic Bitcoin Reserve, which is then used to fund bonus payments for its employees, according to a statement posted on the company’s X account on Monday.
“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 revealed earlier this year it added $10 million worth of bitcoin to its corporate treasury, as part of a “self-reinforcing” cycle where customers pay in $BTC, sales rise, and crypto revenue flows into the reserve.
Stake ’n Shake started accepting bitcoin payments in May of last year via the Lightning Network. Since then, it initially saw a 10% uptick in same-store sales, with the company’s COO, Dan Edwards revealing the firm saves about 50% in processing fees when customers pay in cryptocurrency.
In October, the fast food chain unveiled a Bitcoin-themed burger and started donating a small portion of each Bitcoin Meal to open-source Bitcoin development.