Fast food chain Steak 'n Shake: Supporting Bitcoin payments has significantly boosted sales

According to CoinDesk, the fast-food chain Steak 'n Shake stated that its decision to accept Bitcoin payments nine months ago has significantly boosted same-store sales.

In a statement released on the X platform on Monday, the company said that Bitcoin payments would go directly into its strategic Bitcoin reserves, which would then be used to distribute bonuses to employees. Earlier this year, the company revealed that it had increased its corporate financial reserves by acquiring $10 million worth of Bitcoin, creating a self-reinforcing cycle: customers pay with BTC, sales rise, and crypto revenue flows back into the reserves.

Steak 'n Shake began accepting Bitcoin payments via the Lightning Network in May of last year. Since then, its same-store sales initially recorded a 10% increase. The company's Chief Operating Officer, Dan Edwards, revealed that when customers pay with cryptocurrency, the company can save about 50% on processing fees. In October of last year, the fast-food chain launched a Bitcoin-themed burger and donated a small portion of the proceeds from each Bitcoin meal to open-source Bitcoin development projects.