A Bold Move into Cryptocurrency
Steak ‘n Shake, a well-known national burger restaurant, has reported a significant increase in sales since it began accepting Bitcoin payments. This move marks one of the most aggressive efforts by a fast-food chain to integrate cryptocurrency into its operations. The company announced the sales boost on Tuesday, highlighting that its decision to adopt digital currency has proven successful.
The company started accepting Bitcoin in May 2025 and now holds approximately $15 million worth of the cryptocurrency in what it refers to as a Strategic Bitcoin Reserve. “Our same-store sales have risen dramatically ever since,” the company stated in a statement marking the nine-month anniversary of its Bitcoin program launch.
Operating hundreds of locations across the United States and several European countries, including France, Italy, Portugal, and Monaco, Steak ‘n Shake reported saving almost half its usual transaction costs within just two weeks of accepting Bitcoin. This is a stark contrast to traditional credit card processing fees that typically reduce restaurant profits.
Industry-First Bitcoin Reserve Established
By the end of October 2025, Steak ‘n Shake became the first major U.S. restaurant chain to establish a dedicated Bitcoin reserve. The company noted a 15 percent increase in sales at existing stores due to cryptocurrency-friendly customers. The restaurant accepts Bitcoin through the Lightning Network, which enables faster and cheaper transactions. Block co-founder Jack Dorsey supported the move when it launched.
All Bitcoin payments made by customers for burgers and shakes go directly into the company’s reserve fund. That money is then used to pay employee bonuses in Bitcoin, creating what the company calls a “decentralized, cash-producing operating business.”
Expanding the Cryptocurrency Stash
Steak ‘n Shake has continued to add to its cryptocurrency holdings. After an initial $10 million position, the chain purchased another $10 million worth in January and $5 million more on January 27. This brings the total holdings to roughly 168.6 Bitcoin.
The company ran promotions such as the “Bitcoin Burger,” which gave customers small amounts of Bitcoin when they bought certain menu items. For every “Bitcoin Meal” sold, the chain donated 210 satoshis, tiny fractions of a Bitcoin, to support open-source Bitcoin software development.
Employee Bonuses Draw Mixed Reactions
In late January, Steak ‘n Shake announced it would give hourly workers at company-owned stores a Bitcoin bonus worth 21 cents per hour starting March 1. However, the offer drew complaints because employees can’t access the money for two years, and franchise workers don’t receive it at all.
The restaurant’s owner, Biglari Holdings, has not commented on whether Bitcoin will become part of its overall corporate financial strategy. This suggests that the cryptocurrency push is specific to the Steak ‘n Shake brand rather than a company-wide financial plan.
Sales Numbers Back Up the Strategy
Sales numbers support the strategy so far. The chain reported 18 percent growth at existing stores in 2026 and “double digits” growth last year, outperforming most competitors. Steak ‘n Shake plans to open locations in El Salvador, where Bitcoin is legal tender. The company attended Bitcoin events in San Salvador last November and announced expansion plans shortly after.
The chain briefly asked customers if it should accept Ethereum, another cryptocurrency, but quickly pulled the survey after negative responses. “Our allegiance is with Bitcoiners,” the company said.
The Financial Benefits of the Move
The transaction fee savings alone could justify the move, as restaurants operate on thin profit margins where every percentage point counts. The strategy works because it creates a loop. Bitcoin payments fund employee bonuses, which might attract tech-savvy workers, improving service, which brings in more customers willing to pay with Bitcoin.
It’s a bet that cryptocurrency users will become loyal customers if given reasons to keep coming back.