American fast food brand Steak ‘n Shake has said same-store sales have dramatically increased since the firm started accepting Bitcoin payments.
Steak ‘n Shake Has Seen A Boost In Sales After Accepting BitcoinMonday marked exactly nine months since Steak ‘n Shake made the move, and according to the company’s official X handle, same-store sales rose “dramatically” during the period.
Steak ‘n Shake’s Bitcoin strategy doesn’t only include accepting BTC payments; the firm has also been maintaining a Strategic Bitcoin Reserve (SBR) using proceeds from BTC payments.
Under the scheme, all hourly employees receive a $0.21 BTC bonus for every hour worked. “Bitcoin payments for Steak n Shake burgers go into our Strategic Bitcoin Reserve, which then funds Bitcoin bonus pay for our employees,” noted the firm.
Though, while all hourly employees receive the bonus, not everyone is immediately eligible to collect it. According to the firm, employees need to have cleared a two-year vesting period before they can redeem the BTC.
Overall, it would appear that the cryptocurrency’s adoption has turned out to be successful for Steak ‘n Shake. “We have combined a decentralized, cash-producing operating business with the transformative power of Bitcoin,” said the company.
While Steak ‘n Shake’s buys from last month are sizeable on their own, they aren’t much compared to the purchases that treasury companies like Strategy tend to make. Last Monday alone Strategy acquired $90 million worth of the digital asset.
As displayed in the above chart, the percentage of BTC treasury company buyers has declined to 70% as the cryptocurrency’s price has gone through its bearish price action. “The last time we crossed under this threshold was 2022,” said Edwards. It now remains to be seen whether the trend will continue in the near future or if buying will make a return among these firms.
BTC PriceAt the time of writing, Bitcoin is trading around $68,000, down 1% over the last week.
