Steak ‘n Shake Announces $10 Million Notional Increase on Bitcoin Holdings

INDIANAPOLIS, IN – May 22, 2024 – Steak ‘n Shake, the classic American fast-casual restaurant chain, today issued a financial update confirming a significant unrealized gain within its corporate treasury. The company announced a notional increase of $10 million on its strategic Bitcoin holdings, attributing the surge to recent market appreciation in the cryptocurrency sector.

Steak ‘n Shake, which adopted a Bitcoin treasury allocation policy earlier this year as part of a modernization initiative, emphasized that this valuation boost reinforces its commitment to utilizing diversified and non-traditional reserve assets. The company views Bitcoin as a hedge against fiat currency devaluation and an important component of its long-term balance sheet strategy.

CEO Marcus Sterling commented on the development: “This $10 million notional appreciation validates our proactive decision to integrate Bitcoin into our treasury reserves. We are dedicated to ensuring robust financial stewardship for our shareholders, and embracing innovative digital asset strategies is a key part of that mission. While this is an unrealized gain subject to market fluctuations, it underscores the strength and potential of holding scarce digital assets long-term.”

The company confirmed that its accounting practices for the digital assets comply with current reporting standards and that the holdings are intended for long-term retention rather than immediate liquidation. Steak ‘n Shake remains focused on expanding its core restaurant operations while continuing to monitor and manage its non-fiat reserves.

Source: Steak ‘n Shake announces $10M notional increase on Bitcoin holdings