Fast food chain Steak ‘n Shake, a wholly owned subsidiary of Biglari Holdings (NYSE:BH), added $5 million worth of Bitcoin (CRYPTO: BTC) to its Strategic Reserve on Tuesday.
Steak ‘N Shake Fattens Bitcoin Coffers
The iconic American burger chain made this announcement in an X post, reiterating that all its Bitcoin sales go into the strategic reserve.
“Our self-sustaining system — improving food quality that grows same-store sales that then grow the SBR — is transforming the chain via financial technology,” Steak ‘n Shake stated.
Bitcoin Integration: A Game Changer For Businesses?
The latest increase follows a $10 million Bitcoin expansion announced earlier this month, marking the second treasury-related move by the company in January. Its total BTC reserves were not publicly verifiable as of this writing.
Steak ‘n Shake began accepting Bitcoin payments globally through the Lightning Network, a move endorsed by Block co-founder, Jack Dorsey. It reported a nearly 50% savings in transaction fees within two weeks, compared to credit card processing.
The company has been actively integrating Bitcoin into its operations. Last week, 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 rose 1.67% in after-hours trading after closing 0.40% lower at $398.36 during Tuesday’s regular trading session. Year-to-date, the stock has surged 19.83%.
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.
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