Steak 'n Shake Adds $10 Million in Bitcoin to Corporate Treasury Following Payment Adoption Success

Fast-Food Chain Deepens Bitcoin Commitment

Steak 'n Shake has added $10 million in bitcoin to its corporate treasury, representing approximately 105 BTC at current market prices, marking the company's most significant direct allocation to the cryptocurrency to date ^[1]. The move comes eight months after the restaurant chain began accepting bitcoin payments at all its U.S. locations in May 2025 ^[1].

The company characterized the treasury allocation as part of a "self-reinforcing cycle" where customer bitcoin payments generate additional revenue that gets reinvested into business operations ^[1]. According to Steak 'n Shake, all revenue received in bitcoin flows directly into what it terms its strategic bitcoin reserve ^[1][2].

Strong Sales Performance Attributed to Cryptocurrency Strategy

The bitcoin initiative appears to be delivering measurable financial results. Same-store sales increased more than 10% in the second quarter of 2025, with the company attributing this growth to its cryptocurrency adoption ^[1]. By the third quarter of 2025, same-store sales had risen 15%, surpassing industry competitors including McDonald's, Domino's, and Taco Bell ^[2].

"Eight months ago today, Steak 'n Shake launched its burger-to-bitcoin transformation when we started accepting bitcoin payments," the company stated on social media. "Our same-store sales have risen dramatically ever since" ^[1].

Chief Operating Officer Dan Edwards previously indicated that the company saves approximately 50% in processing fees when customers opt for bitcoin payments instead of traditional card networks ^[1].

Treasury Funds Reinvested in Business Operations

Steak 'n Shake has committed to using its bitcoin reserve to finance restaurant upgrades, ingredient improvements, and remodeling initiatives without raising menu prices ^[1]. The company implemented bitcoin payments using the Lightning Network, positioning the rollout as a strategy to reduce card processing fees while attracting a younger, crypto-native customer demographic ^[1].

The fast-food chain has embraced bitcoin branding throughout the past year, launching a Bitcoin-themed burger in October and pledging to donate a portion of revenue from its "Bitcoin Meal" to support open-source Bitcoin development ^[1].

Corporate Bitcoin Holdings Context

While Steak 'n Shake's bitcoin position remains modest compared to major corporate holders such as Strategy, which maintains more than 687,000 BTC valued at over $65 billion, the allocation reflects a broader trend of corporate bitcoin accumulation ^[1]. Data from Bitcointreasuries shows that total bitcoin held in corporate treasuries—including public companies, private firms, governments, and exchange-traded funds—has now exceeded 4 million BTC ^[1].

The company's bitcoin adoption comes amid significant operational challenges. Between 2018 and 2025, Steak 'n Shake closed 230 stores, with U.S. locations declining from a peak of 628 in 2018 to 394 by 2026 ^[2].

Bitcoin investor and financial accountant Rajat Soni commented on the strategy, stating: "If they do this, they will find it much easier to succeed because their Bitcoin is like a backstop. I think most businesses fail because they aren't in the market long enough. Bitcoin extends your financial endurance" ^[2].

In November 2025, the company announced its expansion into El Salvador, a country recognized for its pro-Bitcoin policies ^[2]. When Steak 'n Shake polled its 468,800 followers on X about potentially accepting Ethereum, nearly 49,000 votes were cast with 53% in favor, but the company suspended the poll four hours later, declaring: "Poll suspended. Our allegiance is with Bitcoiners. You have spoken" ^[1].