Fold Holdings, a publicly traded Bitcoin financial services firm, has partnered with restaurant chain Steak 'n Shake to provide $5 in Bitcoin (BTC) rewards to customers who purchase the newly introduced Bitcoin Steakburger or Bitcoin Meal. The limited-time promotion is available at nearly 400 U.S. locations and requires participants to upload their receipt to bitcoinmealdeal.com to receive a unique code, which is then redeemed via the Fold app.
Fold CEO Will Reeves stated, "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." He emphasized that this initiative aims to drive mainstream adoption by allowing people to earn Bitcoin through ordinary activities like dining. The promotion, which began on October 31, adopts a "while supplies last" model to create urgency and gauge consumer response.
This partnership builds on Steak 'n Shake's earlier embrace of crypto, as the chain began accepting Bitcoin payments earlier this year and has attributed some sales growth to the Bitcoin community. Notably, the company considered adding Ethereum payment options but scrapped them after backlash from Bitcoin proponents. Fold, which went public on Nasdaq under the ticker FLD in February, holds nearly 1,500 BTC in its treasury and has secured a $250 million equity facility to expand its operations. Despite the news, FLD shares were down about 3.5% on the day and 68% year-to-date, while Bitcoin saw a slight increase of 1% to $108,737.
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