Steak n Shake Adds $10 Million in Bitcoin to Treasury After Eight Months of Crypto Payments

“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 risen dramatically ever since. 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 rather than being converted to cash. The company also routes the $10 million treasury purchase into 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 holdings to fund restaurant upgrades, ingredient improvements, and remodeling projects without raising menu prices.

The approach differs from other corporate bitcoin strategies. Companies like Strategy (formerly MicroStrategy) raise capital through stock offerings to buy bitcoin. Steak n Shake instead funds its reserve through direct customer payments and operational cash flow.

Steak n Shake is owned by Biglari Holdings, a San Antonio-based holding company run by CEO Sardar Biglari. The parent company has not disclosed whether bitcoin will play a role in its broader corporate strategy.

Bitcoin Rewards Partnership

On October 31, 2025, Steak n Shake formalized its bitcoin treasury strategy through a partnership with Fold Holdings, a bitcoin rewards company. The promotion offered customers $5 in bitcoin when purchasing specially branded menu items like the “Bitcoin Burger” or “Bitcoin Meal.”

Customers could upload their receipts to a dedicated 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 Bitcoin Core development.

The Bitcoin Burger features a bun stamped with the Bitcoin logo. This marked the first time a major U.S. restaurant chain bundled meals with bitcoin rewards.

Ethereum Poll Controversy

In October 2025, Steak n Shake briefly considered expanding beyond bitcoin. The company ran a poll on social media asking its 468,800 followers whether it should accept Ethereum payments. Nearly 49,000 people voted, with 53% supporting 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 allegiance is with Bitcoiners. You have spoken,” the company posted. Interestingly, Ethereum co-founder Vitalik Buterin supported the decision to remain bitcoin-only, saying businesses should commit to one community rather than trying to please everyone.

Broader Corporate Bitcoin Adoption

More than 200 companies now hold bitcoin on their balance sheets, according to Bitcoin Treasuries data. Steak ‘n Shake’s $10 million position is modest compared to the largest holders. Strategy holds over 660,000 BTC valued at approximately $62 billion.

The company also announced plans to expand into El Salvador in November 2025. The Central American nation became the first country to adopt bitcoin as legal tender in 2021. Steak n Shake participated in the Bitcoin Histórico event in San Salvador before announcing the expansion.

Additionally, Steak n Shake updated its payroll system in October 2025 to allow its 10,000 employees to receive a percentage of their wages in bitcoin. This demonstrates the company views bitcoin as a viable store of value comparable to traditional currency.

The Comeback Story

The bitcoin strategy comes as Steak n Shake works 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 runs approximately 394-400 U.S. locations, plus international restaurants in France, Italy, Portugal, and Monaco.

Despite fewer locations, the bitcoin adoption appears to be driving a turnaround. The company achieved double-digit same-store sales growth in 2025, which it claims was “the best in the industry.”

Steak n Shake also made other operational changes in 2025, including switching to beef tallow for frying in early 2025 and increasing its social media presence. However, company leadership specifically credits the bitcoin community for the sales momentum.

From Burgers to Bitcoin

Steak ‘n Shake’s $10 million bitcoin purchase represents a notable shift for a legacy 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-driven approach—funneling customer bitcoin payments directly into reserves rather than converting to cash—creates a unique model in 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 proves successful long-term remains to be seen. But for now, the burger chain has shown that bitcoin adoption can drive measurable business results beyond just balance sheet speculation.