Simply put
- Restaurant chain Steak ‘n Shake has reported a $10 million increase in its Bitcoin exposure.
- The company has previously established a Bitcoin reserve, which encompasses all BTC payments made to its businesses.
- After beginning to accept Bitcoin payments last year, Steak ‘n Shake has attributed rising sales partly to this decision.
American restaurant chain Steak ‘n Shake has secured $10 million in Bitcoin. This follows their adoption of BTC payments last year, which has helped boost same-store sales significantly.
“Eight months ago today, Steak ‘n Shake began accepting Bitcoin payments, turning burgers into Bitcoin. Since then, we’ve seen a big jump in same-store sales,” the company stated.
“All Bitcoin sales will flow into our strategic Bitcoin reserve,” the statement continued. “Today, we increased our Bitcoin exposure by $10 million in notional amount.”
It’s important to note that this notional amount doesn’t mean Steak ‘n Shake holds $10 million worth of Bitcoin outright; it relates rather to the contract’s face value. The company didn’t respond immediately for any further clarification.
In October, Steak ‘n Shake announced plans to establish a “Strategic Bitcoin Reserve” by holding all Bitcoin payments from food and beverage sales. That month also saw the launch of the Bitcoin Steak Burger, which featured a Bitcoin logo on the bun. Additionally, in collaboration with Bitcoin services provider Fold, customers received $5 in free BTC with their meal purchases.
“We’ve created a self-sustaining cycle where growth in same-store sales contributes to the growth of our Bitcoin reserve,” the company mentioned. “By enhancing the quality of our food, we’re broadening Steak ‘n Shake’s appeal while integrating Bitcoin into new tasty avenues.”
Steak ‘n Shake has also contemplated accepting another cryptocurrency, soliciting feedback from users on X about possibly adding Ethereum in October.
Despite initial positive sentiment about Ethereum, the restaurant decided to stick with Bitcoin following opposition from its Bitcoin-supporting customers.
“Voting has been canceled. Our loyalty remains with the Bitcoin community,” they announced. “You voiced your opinions.”
