Shares of Muscle Maker Inc. rose 1.6% in premarket trading Thursday, after the parent of the Muscle Maker Grill fast-casual burger chain said it will start accepting bitcoin as an alternative to cash, credit or debit payments. The company said bitcoin acceptance will start with accepting the cryptocurrency for initial fees for new franchises, then expand to online meal plan subscriptions with its Superfit Foods brand and eventually will expand to everyday food purchases companywide. “Today’s digital world continues to grow exponentially,” said Chief Executive Michael Roper. “The acceptance of bitcoin is a natural progression for companies looking to stay relevant. Millennials are in search of healthy food, giving them the ability to pay with a crypto currency makes it even easier to eat healthy.” Muscle Maker’s stock has lost 7.7% year to date, while bitcoin has soared 87.6% and the S&P 500 has gained 11.4%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.