Cryptocurrency services firm Fold has launched a Bitcoin bonus program for employers, with restaurant chain Steak ‘n Shake as its flagship partner. The program allows companies to offer recurring Bitcoin bonuses to employees without handling custody, with Steak ‘n Shake paying $0.21 per hour worked into the program for over 10,000 hourly workers. The initiative targets mainstream businesses seeking new recruitment and retention tools, moving beyond crypto-native firms.
Bitcoin financial services company Fold Holdings, Inc. launched a program on Thursday that enables employers to pay recurring BTC bonuses. This marks the first product from its new enterprise division, Fold Business.
Steak ‘n Shake became the flagship partner, providing Bitcoin bonuses to its 10,000-plus hourly U.S. workers as announced in January and implemented March 1. The chain pays $0.21 per hour worked into the program, with the bonus vesting fully after two years.
“We launched our Bitcoin Bonus Program because we saw a gap that no one was filling,” said Fold co-founder and CEO Will Reeves. “An employer-grade bonus vehicle that’s differentiated enough to matter, accessible enough for every employee, and operationally simple enough that HR and Finance don’t need to become Bitcoin experts to run it.”
The program manages all custody and compliance, allowing traditional businesses to offer cryptocurrency incentives easily. Employers set bonus terms in dollars, and Fold handles the Bitcoin conversion and distribution.
Bitcoin mining firm Simple Mining has also adopted the program for its salaried employees. Matt Garland, head of revenue at Simple Mining, stated, “Employee bonus programs haven’t changed in decades… Allocating 1% of every employee’s pay into Bitcoin, redeemable at year-end, lets our team share in that upside.”
The program specifically targets rank-and-file employees in sectors like food service, addressing retention challenges. This differs from prior corporate Bitcoin initiatives focused on treasury management or executive pay.
Fold plans to expand its Business platform to include payroll, corporate Bitcoin treasury, and additional financial tools. The company previously focused on consumer Bitcoin rewards before developing these corporate services.
Fold’s stock recently traded at $1.41, down more than 7% on the day of the announcement. The stock has risen more than 22% over the prior week but remains down about 46% since the start of the year.
