Over the last couple months, as the bear market set in, discussion about the adding of Bitcoin by companies has fallen off. However, that doesn't mean that, in the boardrooms, the conversation stopped.

For one United States fast food chain, the time to buy was now.

The appeal of Bitcoin (actually all of cryptocurrency) extends far beyond technology companies. Legacy corporations are looking at this as a way to enhance their balance sheets. Actually, Microstrategy was a failing networking company that catapulted once Saylor turned it into a Bitcoin treasury company.

While the discussion might not be getting headlines, it is still taking place. If we see more firms moving in this direction, a baseline for Bitcoin (and other crypto assets) might be formed.

In this article we will look at what Steak 'n Shake did.

Steak 'n Shake Adds Bitcoin To Treasury

Steak 'n Shake is not a newcomer. This is a company that is approaching a century in business.

It was founded in 1934 in Normal, Illinois. The chain has long been a staple of American dining, famous for its Steakburgers, hand-dipped milkshakes, and retro diner aesthetic. With over 400 locations primarily in the United States, it is owned by Biglari Holdings Inc., a holding company led by investor Sardar Biglari, who has previously shown interest in alternative investments.

This is a business that operates on low margins. In recent years, fast food chains were killed by rising food prices and a change in customer sentiment. McDonalds, Burger King, and Wendy's have been making headlines due to these factors.

Steak 'n Shake is now in the news for its purchase of Bitcoin. It was announced that the company acquired $10 million worth of the leading crypto assets, roughly 105 BTC.

This is not the first foray into the world of cryptocurrency. A strategic move last year saw positive results for stores.

Here is a quote from the company's X post:

"Eight 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. All Bitcoin sales go into our Strategic Bitcoin Reserve. Today we increased our Bitcoin exposure by $10,000,000 in notional value. We have created a self-sustaining system — growing same-store sales that grow the SBR."

The company is holding all BTC instead of converting it to USD. We are seeing the concept of SBR (strategic business reserve) gaining some traction.

Will More Companies Follow?

This is the multi-billion dollar question.

Successful corporations can often have large reserves. Those with high profitability, such as Apple and Nvidia, were able to amass serious investment portfolios. There was a time when Apple was over the $150 billion market.

In other words, the company had its own hedge fund.

This means that investments are nothing new. Companies were always seeking a return on their money. It is a concept that holds true today.

Does that mean all will rush to crypto? Not a change. In fact, it is still on the fringes in spite of a lot of hype.

Steak 'n Shake is owned by a guy who is known for seeking alternative investments. Bitcoin is right up his alley. I doubt this is the case for companies such as IBM or Home Depot.

This, however, is only a timing matter. As we forge deeper into the crypto age, the acceptance is likely to grow. The Internet was, at one time, a new concept. Doing business online was something many executives questioned. It seems absurd in hindsight but most companies are not cutting edge when it comes to new technologies.

Take AI.

Over the last few years, we saw a lot of hype. We did not get much in the way of applications. The majority of the utility is still tied to chatbots. This is slowly changing.

Technology always outpaces humans willingness to adopt it.

Bitcoin might not be thought of as a technology (as compared to blockchain). It is part of financial innovation though.

A few companies are adding BTC to the balance sheet. This will continue to grow. Like most things, when the profits are there for the early adopters, other firms will start to FOMO.

It is human nature. There will come a point when a large number of corporations pile into Bitcoin.