Steak n Shake Integrates Bitcoin Payments Into Treasury Strategy

• Steak n Shake redirects bitcoin payments into treasury while cutting transaction costs nationwide
• Customer dining activity now fuels bitcoin reserves instead of traditional cash conversion
• Restaurant chain adopts payment driven crypto strategy without relying on capital markets

Steak n Shake has confirmed a $10 million bitcoin allocation tied directly to customer cryptocurrency payments, placing the chain among treasury holders. The purchase equals roughly 105 BTC at prevailing market prices, marking its first publicly disclosed direct bitcoin treasury position.

Rather than converting digital payments into cash, Steak n Shake retains all customer bitcoin within a Strategic Bitcoin Reserve. The structure connects daily restaurant transactions with treasury growth, which management described as self sustaining through improved sales performance.

Lightning Network payments were enabled across all U.S. locations earlier this year, reducing reliance on traditional card processors. Transaction costs declined sharply after implementation, with reported fee savings near 50% compared with credit card payments.

Sales trends shifted following the payment transition, with same store sales increasing roughly 15% in subsequent months. Executives viewed the improvement as confirmation of customer adoption.

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Customer Incentives Reinforce Bitcoin Usage

Steak n Shake later formalized its treasury framework and expanded customer incentives, while partnering with bitcoin rewards firm Fold Holdings. The collaboration introduced a limited promotional program for participating customers.

Customers earned $5 in bitcoin through the Fold app, with eligible purchases including the Bitcoin Burger and Bitcoin Meal items. The initiative encouraged routine bitcoin usage through everyday dining rather than speculative behavior.

Steak n Shake positioned the effort around transaction utility, and this structure differed from investment focused treasury strategies. The restaurant chain operates under Biglari Holdings in San Antonio, with Sardar Biglari overseeing its operations. The parent company has not disclosed whether bitcoin fits broader corporate plans, leaving Steak n Shake to manage the strategy independently.

Market Context and Treasury Structure

Many companies holding bitcoin rely on capital markets to fund acquisitions through stock or debt issuance. Steak n Shake avoided that approach by relying instead on transaction-driven inflows.

According to Bitcoin Treasuries data, more than 200 companies now hold Bitcoin worldwide. However, Steak n Shake’s $10 million position remains modest within the broader corporate landscape.

The structure ties treasury exposure directly to consumer spending patterns rather than financing events.
This model limits leverage and reduces balance sheet risk.

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