The first of April is not just April Fool’s Day. It is also National Burrito Day, and burrito chain Chipotle Mexican Grill Inc. (NYSE: CMG) is making an interesting offer to its customers. This offer will make Chipotle the first U.S. restaurant brand to offer a cryptocurrency giveaway to consumers.
Accordingly, Chipotle is giving away $100,000 worth of free burritos and $100,000 in bitcoin to celebrate National Burrito Day.
As part of this promotion, Chipotle is teaming up with Stefan Thomas, the founder and CEO of Coil, who famously lost his login to his hard drive that stored $387 million in bitcoin.
Fans are encouraged to play the new interactive game “Burritos or Bitcoin,” which is a reference to Thomas’s experience. Essentially players will attempt to crack the code and may win prizes in the process.
According to Chipotle:
Each player will have ten (10) tries to guess a valid six-digit code for a chance to win a free burrito or up to $25,000 in Bitcoin. If players are unsuccessful in their ten attempts and endure the same fate as Thomas, they may be surprised and delighted with a special offer from Chipotle.
The prizes breakdown like this: 10,000 fans will win one free burrito, 50 fans will win $500 in bitcoin and three fans will win $25,000 in Bitcoin.
Excluding Thursday’s move, Chipotle had outperformed the broad markets, with its stock up about 117% in the past 52 weeks. Year to date, the stock was up only 2.5%.
Chipotle Mexican Grill stock traded up about 1% on Thursday to $1,440.81, in a 52-week range of $599.78 to $1,564.91. The consensus price target is $1,652.75.