Publicly traded Bitcoin services firm Fold is teaming up with restaurant chain Steak ‘n Shake, offering a new promotion that allows buyers of the new Bitcoin Burger to claim real Bitcoin rewards. And the restaurant brand is also launching its own "strategic Bitcoin reserve," holding all payments received in BTC.
The limited-time BTC rewards offer is available at nearly 400 U.S. restaurant locations, and grants those who upload their receipts at bitcoinmealdeal.com with $5 in BTC claimable via the Fold app. Restaurant patrons can order either the Bitcoin steakburger or the Bitcoin meal to earn BTC rewards.
"This is the first in a series of mainstream partnerships we plan to roll out, all focused on showing how Bitcoin can fit naturally into everyday spending," Fold fonder and CEO Will Reeves told Decrypt. "Fold is already integrated across retail, dining, and lifestyle brands through our gift card marketplace, and we’ll keep expanding into categories that help people earn Bitcoin in ways that are simple, safe, and rewarding."
Fold offered a similar promotion earlier this year, providing Bitcoin rewards to those who bought Steak ‘n Shake gift cards via its Fold app.
Soon after announcing the Fold tie-up, Steak 'n Shake posted plans on X for its reserve. Unlike other firms that raise funds to purchase BTC, the restaurant will place the Bitcoin earned from payments for its burgers and milkshakes inside its reserve.
It will also donate 210 sats (1 sat = 1/100,000,000 BTC), or around $0.23, from every Bitcoin meal to OpenSats, a public charity that helps support open-source contributors working on Bitcoin.
Steak ‘n Shake began leaning into crypto and Bitcoin specifically earlier this year, allowing Bitcoin payments at its restaurant locations. It has since attributed some of its year-over-year sales growth to the Bitcoin community.
This month, the burger-focused restaurant unveiled the Bitcoin Steakburger to celebrate the five-month anniversary of Bitcoin payments. The burger has the iconic Bitcoin logo stamped onto the top bun. The firm considered adding Ethereum payment options as well, but scrapped the plans after backlash from the Bitcoin community.
Fold operates as a Bitcoin financial services firm, offering a debit card product that provides Bitcoin rewards on everyday purchases. It is also planning the release of a Bitcoin credit card, with an open email waitlist.
In February, the firm went public on the Nasdaq under the ticker FLD. Shares are down about 3.5% so far Friday, and now down around 68% year-to-date, changing hands at $3.59.
Bitcoin has started rebounding in the last 24 hours, rising 1% to $108,737.
Editor's note: This story was updated after publication with details of the strategic reserve.
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