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Popular burger joint Steak 'n Shake buys $10 million bitcoin
What to know:
? Steak 'n Shake has added $10 million worth of bitcoin to its corporate treasury, eight months after starting to accept BTC payments at all its U.S. locations.
? The company says that accepting bitcoin has led to a "self-reinforcing cycle" where crypto revenue helps fund upgrades and improvements.
? The move is part of a larger trend of corporate bitcoin accumulation, with total bitcoin held in treasuries now above 4 million, according to Bitcointreasuries data.
Popular fast-food chain Steak 'n Shake announced it added $10 million worth of bitcoin to its corporate treasury this week, continuing its push into crypto after eight months of accepting BTC payments at all its U.S. locations.
The company said on social media that the move is part of a "self-reinforcing" cycle: customers pay in bitcoin, sales rise, and all crypto revenue flows into what it calls its. Those funds, in turn, help bankroll upgrades, from better ingredients to restaurant remodels, without raising menu prices.