The $10 million purchase is equivalent to approximately 105 BTC at current market prices. Steak ‘n Shake made the announcement via its social media account on January 17, 2026, highlighting strong sales growth since introducing bitcoin payments in May 2025.
Bitcoin strategy drives revenue growth
Steak ‘n Shake began accepting bitcoin payments at all US locations on May 16, 2025, via the Lightning Network. Block co-founder Jack Dorsey publicly supported the rollout. The company reported nearly 50% savings on transaction fees compared to traditional credit card processing.
The results were significant. Same-store sales increased by approximately 11% in the second quarter of 2025 after the implementation of bitcoin payments. In the third quarter, that growth accelerated to 15% on an annual basis. The company claims this performance beat major competitors including McDonald’s, Domino’s and Taco Bell.
Source: @SteaknShake
“Eight months ago today, Steak n Shake launched its burger-to-Bitcoin transformation when we started accepting Bitcoin payments,” the company wrote in its announcement. “Our same-store sales have increased dramatically since then. All Bitcoin sales go into our strategic Bitcoin reserve.”
Strategic Bitcoin Reserve Structure
Steak ‘n Shake operates what it calls a “Strategic Bitcoin Reserve” with a unique approach. All bitcoin received from customer payments flows directly into this reserve instead of being converted into cash. The company is also directing $10 million worth of government bond purchases to the same reserve.
This creates what the chain describes as a “self-sustaining system” where growing sales increase the bitcoin reserve. The company then uses these assets to finance restaurant upgrades, ingredient improvements and remodeling projects without increasing menu prices.
The approach differs from other business bitcoin strategies. Companies like Strategy (formerly MicroStrategy) are raising capital through stock offerings to buy bitcoin. Steak ‘n Shake instead funds its reserve through direct customer payments and operating cash flow.
Steak ‘n Shake is owned by Biglari Holdings, a San Antonio-based holding company led by CEO Sardar Biglari. The parent company has not disclosed whether bitcoin will play a role in its broader business strategy.
Bitcoin Rewards Partnership
On October 31, 2025, Steak ‘n Shake formalized its bitcoin treasury strategy via a partnership with Fold Holdings, a bitcoin rewards company. The promotion offered customers $5 in bitcoin when purchasing specially branded menu items such as the ‘Bitcoin Burger’ or ‘Bitcoin Meal’.
Customers could upload their receipts to a special website and receive bitcoin through the Fold app. The chain also pledged to donate 210 satoshis for every Bitcoin Meal sold to OpenSats, which supports the development of Bitcoin Core.
The Bitcoin Burger has a bun with the Bitcoin logo on it. This was the first time a major US restaurant chain bundled meals with bitcoin rewards.
Controversy over Ethereum polls
In October 2025, Steak ‘n Shake briefly considered expanding beyond bitcoin. The company conducted a survey on social media asking its 468,800 followers whether it should accept Ethereum payments. Nearly 49,000 people voted, of which 53% supported the idea.
However, Bitcoin supporters reacted strongly against the proposal. Some threatened to boycott the restaurant if it accepted Ethereum. After just four hours, Steak ‘n Shake suspended the poll and reaffirmed its commitment to bitcoin only.
“Poll suspended. Our loyalty is with Bitcoiners. You have spoken,” the company said. Interestingly, Ethereum co-founder Vitalik Buterin supported the decision to continue using Bitcoin-only, saying that companies should commit to one community rather than trying to please everyone.
Broader adoption of Bitcoin by companies
According to figures, more than 200 companies now have Bitcoin on their balance sheets Bitcoin treasuries facts. Steak ‘n Shake’s $10 million position is modest compared to the largest holders. Strategy owns over 660,000 BTC worth approximately $62 billion.
The company also announced plans to expand into El Salvador in November 2025. The Central American country became the first country to adopt bitcoin as legal tender in 2021. Steak ‘n Shake took part in the Bitcoin Histórico event in San Salvador before announcing the expansion.
Additionally, in October 2025, Steak ‘n Shake updated its payroll system to allow its 10,000 employees to receive a percentage of their wages in bitcoin. This shows that the company views bitcoin as a viable store of value on par with traditional currencies.
The comeback story
The bitcoin strategy comes as Steak ‘n Shake tries to reverse years of decline. The chain operated 628 U.S. locations in 2018, but closed 230 stores between 2018 and 2025. The company now has approximately 394-400 U.S. locations, plus international restaurants in France, Italy, Portugal and Monaco.
Despite fewer locations, bitcoin adoption appears to be causing a sea change. The company achieved double-digit same-store sales growth by 2025, which it said was “the best in the industry.”
Steak ‘n Shake also made other operational changes in 2025, including switching to beef fat for frying in early 2025 and increasing its social media presence. However, the company’s leadership specifically credits the bitcoin community for the sales momentum.
From burgers to Bitcoin
Steak ‘n Shake’s $10 million bitcoin purchase represents a remarkable shift for an existing restaurant brand. By accepting bitcoin payments and building a treasury reserve, the 91-year-old chain has positioned itself as an outlier in the traditional dining sector.
The company’s consumer-centric approach – sending customers’ bitcoin payments directly to reserves instead of converting them to cash – creates a unique model for corporate bitcoin adoption. Combined with strong sales results and expansion into bitcoin-friendly markets like El Salvador, Steak ‘n Shake has tied its turnaround strategy directly to cryptocurrency.
Whether this approach will prove successful in the long term remains to be seen. But for now, the burger chain has shown that bitcoin adoption can deliver measurable business results beyond balance sheet speculation.
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