Steak ’n Shake Deepens Bitcoin Bet With $10M Buy

Burger Chain Expands Bitcoin Treasury With Fresh $10 Million Purchase

Steak ’n Shake has increased its exposure to Bitcoin by $10 million in notional value, adding to what it calls its Strategic Bitcoin Reserve. The 91-year-old American burger chain announced the move on Jan. 17 in a post on X, stating that all Bitcoin sales are directed into this reserve. At the time of the announcement, Bitcoin was trading at $95,338.36, according to CoinGecko, placing the new allocation in the context of near-record crypto prices.

In the same statement, the company said it has created what it describes as a “self-sustaining system,” where rising same‑store sales contribute to growing its Bitcoin holdings. The reserve was first established on Oct. 31, 2025, when Steak ’n Shake became, by its own account, the first major U.S. restaurant chain to launch a dedicated Bitcoin treasury.

Bitcoin Payments Rolled Out Globally in 2025

Steak ’n Shake began accepting Bitcoin payments worldwide in May 2025 using the Lightning Network. The initiative was endorsed by Block co‑founder and noted Bitcoin advocate Jack Dorsey, and the chain quickly reported measurable cost savings. Within two weeks of launch, Steak ’n Shake said it had cut payment processing fees by nearly 50% compared with credit card transactions.

The company has tied its Bitcoin strategy to broader operating performance. By October 2025, it reported a 15% increase in same‑store sales, attributing the improvement largely to what it called crypto‑friendly customers. The chain operates hundreds of locations across the United States as well as in France, Italy, Portugal and Monaco, giving the Bitcoin payment option international reach.

Sales Growth and Cost Savings Underpin Crypto Strategy

Steak ’n Shake has framed its Bitcoin adoption as both a top‑line and cost‑management tool. In its latest statement, the company said its same‑store sales “have risen dramatically” since it launched what it calls its “burger‑to‑Bitcoin transformation” eight months earlier. The previously reported transaction‑fee savings add a second financial dimension to the strategy, with the Lightning Network used to route payments more cheaply than traditional card rails.

The company links these effects directly to its decision to maintain a Bitcoin treasury. It channels all Bitcoin received at the point of sale into the Strategic Bitcoin Reserve, then augments that balance with periodic treasury purchases such as the new $10 million allocation. Management presents this as a feedback loop in which increased traffic and lower fees support additional investment in the cryptocurrency.

Promotions and Rewards Tie Menu to Bitcoin Economy

Beyond payments and balance sheet holdings, Steak ’n Shake has used themed promotions to connect its core burger business with Bitcoin. Five months after introducing Bitcoin payments, the company launched a limited‑edition Bitcoin Steakburger in October 2025. That product was presented as part of a broader move “into the Bitcoin economy,” according to the chain.

At the same time, Steak ’n Shake rolled out a rewards program in partnership with Fold Holdings, a Bitcoin financial services firm. Customers who buy a Bitcoin Steakburger or Bitcoin Meal can earn $5 in Bitcoin through the Fold app, which uses a Visa‑powered debit card to let users spend and save the cryptocurrency. The promotion covers roughly 400 U.S. locations and requires diners to upload their receipts to a dedicated website to redeem the reward, with a limit of one redemption per user while supplies last.

Crypto Adoption Places Steak ’n Shake Among Corporate Bitcoin Holders

Steak ’n Shake’s latest purchase underscores a wider pattern of corporate interest in digital assets. The company has repeatedly highlighted the operational benefits it associates with Bitcoin, including lower payment costs and increased sales, while positioning itself as an early mover among large restaurant chains. By adding $10 million in Bitcoin to its Strategic Bitcoin Reserve, it is extending that strategy beyond payments and promotions into balance sheet management.

The chain’s public disclosures focus on measurable outcomes rather than forecasts, citing specific percentage gains in same‑store sales and documented fee reductions since adopting Bitcoin. As it continues to test Bitcoin‑linked menu items and rewards campaigns alongside direct treasury purchases, Steak ’n Shake is using multiple touchpoints—point‑of‑sale, marketing and corporate finance—to integrate the cryptocurrency into its business model.