Steak ‘n Shake sales jump after accepting bitcoin payments

 Steak ‘n Shake says its sales have climbed sharply since it started letting customers pay with Bitcoin nine months ago, marking one of the most aggressive cryptocurrency pushes in the fast-food industry.

The national burger restaurant announced the sales increase on Tuesday, saying its decision to accept digital currency payments has paid off. The company started taking Bitcoin in May 2025 and now holds about $15 million worth of the cryptocurrency in what it calls a Strategic Bitcoin Reserve.

“Our same-store sales have risen dramatically ever since,” the company said in a statement marking the nine-month anniversary of its Bitcoin program launch.

The chain, which operates hundreds of locations across the United States and several European countries including France, Italy, Portugal, and Monaco, reported saving almost half its usual transaction costs within just two weeks of accepting Bitcoin. That’s compared to traditional credit card processing fees that typically eat into restaurant profits.

Industry-first Bitcoin reserve established

By the end of October 2025, Steak ‘n Shake became the first big U.S. restaurant chain to set up a dedicated Bitcoin reserve. The company said it saw a 15 percent jump in sales at existing stores thanks to cryptocurrency-friendly customers.

The restaurant accepts Bitcoin through something called the Lightning Network, which lets transactions happen faster and cheaper. Block co-founder Jack Dorsey backed the move when it launched.

All Bitcoin payments customers make for burgers and shakes go straight into the company’s reserve fund. That money then gets used to pay employee bonuses in Bitcoin, creating what the company calls a “decentralized, cash-producing operating business.”

Steak ‘n Shake has kept adding to its cryptocurrency stash. After an initial $10 million position, the chain bought another $10 million worth on January 16 and $5 million more on January 27. That brings total holdings to roughly 168.6 Bitcoin.

The company ran promotions like the “Bitcoin Burger” that 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. But the offer drew complaints because employees can’t touch the money for two years, and franchise workers don’t get it at all.

The restaurant’s owner, Biglari Holdings, hasn’t said whether Bitcoin will become part of its overall corporate money strategy. That suggests the cryptocurrency push is specific to the Steak ‘n Shake brand rather than a company-wide financial plan.

Sales numbers back up the strategy so far. The chain reported 18 percent growth at existing stores in 2026 and “double digits” growth last year, beating most competitors.

Steak ‘n Shake plans to open locations in El Salvador, where Bitcoin is legal money. 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 angry responses. “Our allegiance is with Bitcoiners,” the company said.

The transaction fee savings alone could justify the move, 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, which improves 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.