Restaurant Chain Steak ‘n Shake Goes All-In on Bitcoin with $10M Treasury Buy

TLDR

• Steak ‘n Shake purchased $10 million worth of bitcoin (approximately 105 BTC) for its corporate treasury in January 2026
• The fast-food chain started accepting Bitcoin payments via Lightning Network at all U.S. locations in May 2025
• Same-store sales reportedly increased 15% after implementing cryptocurrency payments in Q3 2025
• All Bitcoin payments from customers flow into the company’s Strategic Bitcoin Reserve instead of being converted to cash
• The company closed 230 stores between 2018 and 2025 before adopting its Bitcoin strategy

Steak ‘n Shake announced Friday it purchased $10 million worth of bitcoin for its corporate treasury. The 91-year-old burger chain bought roughly 105 BTC at current prices.

This marks the company’s first public bitcoin purchase since it began accepting cryptocurrency payments eight months ago. The restaurant chain started taking Bitcoin through the Lightning Network at all U.S. locations in May 2025.

The company created what it calls a Strategic Bitcoin Reserve. All Bitcoin payments from customers go directly into this reserve. The chain does not convert these payments to cash.

Steak ‘n Shake claims the Lightning Network saves nearly 50% on transaction fees compared to credit cards. The company reported same-store sales grew 11% in Q2 2025 after adopting Bitcoin payments.

Sales Growth Outpaces Competitors

By Q3 2025, same-store sales increased 15% according to company data. Steak ‘n Shake says this beat competitors including McDonald’s, Domino’s, and Taco Bell during the same period.

The company describes its approach as a self-sustaining system. Growing sales increase the Bitcoin reserve, which the company views as a financial buffer.

Block co-founder Jack Dorsey endorsed the Lightning Network rollout in May. In October 2025, Steak ‘n Shake partnered with bitcoin rewards firm Fold Holdings on a promotion. Customers could earn $5 in bitcoin through the Fold app when buying specific menu items.

The restaurant chain operates under Biglari Holdings, a San Antonio holding company run by Sardar Biglari. The parent company has not stated if Bitcoin will be part of its broader strategy.

Steak ‘n Shake had 628 U.S. locations in 2018 but dropped to 394 by 2026. The company closed 230 stores between 2018 and 2025 before implementing its Bitcoin payment system.

More than 200 companies now hold bitcoin on their balance sheets according to Bitcoin Treasuries data. Steak ‘n Shake’s $10 million position is smaller compared to top corporate holders.

The company also expanded into El Salvador in November 2025. The Central American country is known for its pro-Bitcoin policies and made Bitcoin legal tender in 2021.

Bitcoin investor Rajat Soni called Bitcoin a “backstop” for businesses. He said holding Bitcoin extends financial endurance and helps companies stay in the market longer.

The restaurant’s approach differs from companies like Strategy that raise capital through stock offerings to buy bitcoin. Steak ‘n Shake funds its reserve through direct sales and this treasury purchase.

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