In brief
- Restaurant chain Steak ‘n Shake said it has added $10 million in Bitcoin exposure.
- The company previously established a Bitcoin reserve and is holding all BTC payments made to its business.
- Steak ‘n Shake began accepting Bitcoin payments last year and has credited the move with boosting sales.
American restaurant chain Steak ‘n Shake said that it has added $10 million worth of Bitcoin exposure, once more crediting the top crypto asset with helping to drive growing same-store sales after the brand began accepting BTC payments last year.
“Eight months ago today, Steak n Shake launched its burger-to-Bitcoin transformation when we started accepting Bitcoin payments. Our same-store sales have risen dramatically ever since,” the firm wrote on X late Friday.
“All Bitcoin sales go into our Strategic Bitcoin Reserve,” the post continued. “Today, we increased our Bitcoin exposure by $10,000,000 in notional value.”
Notional value refers to the face value of a financial contract, rather than suggesting that Steak ‘n Shake purchased and is holding $10 million worth of Bitcoin. Decrypt reached out to Steak ‘n Shake for clarification on the addition and further comment, but did not immediately receive a response.
In October, Steak ‘n Shake said that it had established its own “strategic Bitcoin reserve” by holding onto all Bitcoin payments received from food and drink sales. That month, the restaurant launched a Bitcoin Steakburger with a Bitcoin logo branded on the top bun, and offered $5 in free BTC to meal buyers via a collaboration with Bitcoin financial services firm, Fold.
“We have created a self-sustaining system—growing same-store sales that grow the SBR,” the firm said Friday. “Improving food quality expands Steak ‘n Shake’s reach and leverages Bitcoin into a new and delicious dimension.”
Steak ‘n Shake publicly weighed expanding its Bitcoin embrace into another cryptocurrency, asking X users for feedback in October on whether or not it should also accept Ethereum payments at its stores.
Despite early poll results in favor of the Ethereum move and initially saying that it would “abide by the results,” the restaurant changed course following pushback from Bitcoin maximalists.
“Poll suspended. Our allegiance is with Bitcoiners,” it posted on X. “You have spoken.”
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Source: https://decrypt.co/355051/steak-shake-10-million-bitcoin-exposure-alongside-btc-strategic-reserve
