Steak ’n Shake Invests $10M More in Bitcoin Treasury

Steak ‘n Shake, the fast-food chain has made a huge purchase of Bitcoin (BTC), marking its first BTC treasury allocation.

Steak ’n Shake Boosts Strategic Bitcoin Reserve 

As per an update shared by the 91-year-old burger chain, $10 million worth of Bitcoin was added to its Strategic Bitcoin Reserve.

Notably, the move is coming just eight months after the fast-food chain enabled Lightning Network payments across all its outlets in the United States. This allowed customers of the burger chain to make payment for purchases using Bitcoin. This added option of payment has proven beneficial to Steak ‘n Shake.

As per Steak ‘n Shake’s update, the publicity associated with receiving Bitcoin payment significantly boosted sales figures. Interestingly, all the Bitcoin received as payment for products bought were not converted into fiat. Rather, Steak ‘n Shake held it long-term on the company’s balance sheet as a treasury asset.

“All Bitcoin sales go into our Strategic Bitcoin Reserve,” Steak ‘n Shake stated.

This means that the burger chain sees Bitcoin as a store of value not just a payment rail.

Lightning Network Drives Sales Growth and BTC Holdings

Steak ‘n Shake also highlighted that the $10 million BTC it purchased is the “notional value” of the asset. It signals that they are willing to allocate meaningful capital into the asset. That is, Steak ‘n Shake is aligning with Bitcoin focused investors and consumers in the space. It claims that sales climbed by 15% since it adopted this model.

Steak ‘n Shake is determined to leverage BTC for long-term growth. It claims that it has created a system where Bitcoin is acting as a catalyst for rapid growth. According to the fast-food chain, better food quality is attracting more customers resulting in higher sales.

The increased sales is in turn supporting its move for Bitcoin accumulation and a stronger balance sheet. It is likely that Steak ‘n Shake will continue to receive patronage from Bitcoin-aligned customers as their model distinguishes them from competitors.

More Entities Embrace Lightning Network Payment 

Besides Steak ‘n Shake, SoFi Technologies has also integrated Bitcoin Lightning Network as it pushes for digital payment options. The decision to embrace it stems from the demand by millions of users who wish to send money abroad, faster and cheaper.

The SoFi app allows users to send money directly to relatives internationally.