U.S. restaurant chain Steak 'n Shake says its decision to accept Bitcoin (BTC) has boosted its sales “dramatically.”
Steak n’ Shake, which is owned by Biglari Holdings (BH), decided to accept Bitcoin as payment nine months ago.
Since then, Steak n’ Shake says it has seen a 10% increase in same-store sales and a 50% reduction in its processing fees when customers pay using the cryptocurrency.
The company’s Bitcoin payments are routed directly into its Strategic Bitcoin Reserve, which is then used to fund bonus payments for employees.
“Nine months ago today, Steak 'n Shake launched its burger-to-Bitcoin transformation when we started accepting Bitcoin payments,” the company wrote on social media. “Our same-store sales have risen dramatically ever since.”
Steak n’ Shake added $10 million U.S. worth of Bitcoin to its corporate treasury when it began accepting BTC payments via the Lightning Network.
More recently, Steak n’ Shake unveiled a Bitcoin-themed hamburger and began donating a small portion of each Bitcoin Meal sold to open-source Bitcoin developers.
Steak n’ Shake’s positive comments about its Bitcoin strategy come with the largest crypto by market capitalization down nearly 30% over the past year and trading at $68,000 U.S.
Biglari Holdings’ stock has risen 66% over the past 12 months to trade at $396.75 U.S. per share.
