Biglari Holdings (NYSE:BH)-owned fast food chain Steak ‘n Shake disclosed Monday that its same-store sales rose dramatically after launching Bitcoin (CRYPTO: BTC) payments.
‘Transformative Power’ Of Bitcoin Boosts Sales
In an X post, the popular burger chain said that it has fused its cash-producing business with the “transformative power” of Bitcoin.
“Nine 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,” Steak ‘n Shake added.
Steak ‘n Shake‘s Burger-To-Bitcoin Strategy
The company stated that all its Bitcoin sales go into a Strategic Bitcoin Reserve, which funds employee bonuses.
Steak ‘n Shake added $15 million worth of BTC to the reserve last month. However, the holdings have dwindled to $11 million as of this writing, according to BitcoinTreasuries.net, amid Bitcoin’s recent price slump.
The company has been actively integrating Bitcoin into its operations. Last month, it announced a BTC bonus for all hourly employees at its company-operated restaurants, collectible after a two-year vesting period.
Price Action: At the time of writing, BTC was exchanging hands at $88,811.53, up 0.12% over the last 24 hours, according to data from Benzinga Pro.
Biglari shares closed 0.48% lower at $396.75 on Friday. Year-to-date, the stock has lifted 19.35%.
The stock maintains a stronger price trend over the short, medium, and long terms with a high Momentum ranking, according to Benzinga’s Edge Stock Rankings.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo: Deutschlandreform via Shutterstock
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