Fast food restaurant Steak ‘n Shake has dumped plans to add ETH payments after Bitcoin Maxis shut the idea down. The franchise ran a poll on October 12 through X, and 53% of its over 500,000 followers voted in favor of ETH payments, although it failed to abide by the poll’s results as promised.
Steak ‘n Shake suspended the poll on the same day, saying its allegiance is with Bitcoiners, some of whom threatened to boycott the restaurant if it proceeded with its ETH payment plans. The restaurant began accepting Bitcoin payments at all its 393 U.S. locations in May, following months of teasers, endorsements, and social media buzz, as reported by Cryptopolitan. The Indianapolis-based food business is one of the first nationwide franchises to adopt Bitcoin for daily retail transactions.
Satoshi Nakamoto Institute President Michael Goldstein replied to the original poll post, saying the restaurant franchise will have to change its name to Soy ‘n Shake if it is set on shifting away from Bitcoin exclusivity. However, Steak ‘n Shake faced even more pushback after it killed the ETH poll as the crypto community chided the franchise for not honoring the poll’s results and caving to Bitcoiners.
Buterin says he respects the decision
Ethereum’s co-founder, Vitalik Buterin, said he thinks the decision is sound and respects it despite not favoring ETH. He pointed out that not every business should be trying to appeal to as many customers as possible under the guise of not being maximalist. Buterin believes the ETH community needs to be stubborn enough to push their tribe’s cause with the same zeal as the Bitcoiners.
The social media reaction was swift and negative, leading the franchise to withdraw its plan within four hours. Vocal backlash from Bitcoiners outweighed the poll results, despite the vote favoring ETH. The restaurant chain opted to prioritize protecting its existing BTC user base over expanding to other crypto communities.
Meanwhile, other food businesses, such as Chipotle and Starbucks, have attempted to include crypto payments, but with limited success. However, the Steak ‘n Shake COO, Dan Edwards, previously said the franchise is also planning to allow Bitcoin payments for those interested in opening franchise locations.
The company also announced in August that its same-store sales increased by 10.7% in Q2 2025, partly due to the introduction of BTC payments in May. Its same-store sales grew to 15% YoY in Q3.
Steak ‘n Shake reinforces Bitcoin theme with a steakburger
The franchise reaffirmed its pro-BTC stance by introducing the BTC Steakburger, which is set to launch on October 16 to commemorate the brand’s launch of Bitcoin payments. The company stated that this move will strengthen its ties with Bitcoin enthusiasts. However, it is still unclear how the crypto twist will impact the chain’s menu going forward.
Steak ‘n Shake also disclosed that the franchise will reinforce its image as a Bitcoin-exclusive brand by focusing on BTC only. The campaign is expected to help the firm regain goodwill after the failed ETH poll. The franchise’s team emphasized that it will henceforth strive to attract more BTC users who prioritize businesses that only accept Bitcoin payments. It emphasized using this approach to strengthen its image as a Bitcoin-aligned franchise.
Prominent BTC supporters, like Adam Simecka, the creator of the self-custody wallet Manna, vowed never to eat at the franchise again if it added ETH payments. Crypto Influencer Colleen (The Bitcoin Gal) also said it was disappointing that the franchise even created the ETH poll. At the same time, she believes the poll has damaged the chain’s reputation among BTC loyalists.
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Source: https://www.cryptopolitan.com/steak-n-shake-bitcoin-eth-payment/
