Steak ’n Shake is not the first company to buy bitcoin, but it may be one of the few doing so as a byproduct of selling burgers.
The 91-year-old fast-food chain disclosed this week that it added $10 million worth of bitcoin to its corporate treasury, equal to roughly 105 BTC at current prices. The purchase comes eight months after the company enabled bitcoin payments across all U.S. locations using the Lightning Network and marks its first publicly acknowledged direct allocation to BTC.
Rather than treating bitcoin as a speculative balance-sheet asset, Steak ’n Shake says the position grew out of its payment strategy.
Turning bitcoin payments into a treasury position
Steak ’n Shake began accepting bitcoin in May 2025, rolling out Lightning Network payments nationwide. The decision was framed as a way to reduce transaction costs and attract a younger, crypto-native customer base, rather than as a marketing novelty.
According to company executives, Lightning payments cut processing fees by about 50% compared with traditional card networks. Those savings translated into measurable results. Steak ’n Shake reported same-store sales growth in the 10% to 15% range in the months following the rollout.
All bitcoin received from customers is retained rather than converted into dollars. The company refers to this pool as its Strategic Bitcoin Reserve, or SBR. Over time, that reserve, combined with the latest $10 million purchase, became a formal treasury position.
“We have created a self-sustaining system,” the company said on X, describing a cycle in which bitcoin payments reduce costs, support higher sales, and feed directly back into the business.
How the bitcoin reserve is used
Unlike companies that hold bitcoin primarily as a long-term hedge, Steak ’n Shake says its reserve is tied to operations.
The company has stated that bitcoin-denominated revenue is used to fund restaurant remodeling, equipment upgrades, and ingredient improvements without raising menu prices. In October 2025, Steak ’n Shake formalized this approach and partnered with bitcoin rewards firm Fold Holdings on a promotion that offered customers $5 in bitcoin when purchasing Bitcoin-branded menu items through the Fold app.
Chief Operating Officer Dan Edwards previously said that lower payment costs, rather than bitcoin price appreciation, have been the most immediate benefit of the strategy.
A consumer-facing approach to bitcoin adoption
Over the past year, Steak ’n Shake has leaned into bitcoin more visibly than most retail chains. Alongside Lightning payments, the company introduced Bitcoin-themed menu items and pledged to direct a portion of revenue from certain promotions toward open-source Bitcoin development.
JUST IN: Fast food giant Steak 'n Shake is now officially accepting #Bitcoin Lightning Network payments ⚡️pic.twitter.com/bvGCb9r4Im
— Bitcoin Magazine (@BitcoinMagazine) May 16, 2025
Steak ’n Shake Bitcoin Themed Menu.
The brand’s engagement has not been without limits. In late 2025, Steak ’n Shake briefly polled its followers on X about whether it should add Ethereum as a payment option. After nearly 49,000 votes, with a narrow majority in favor, the company suspended the poll and reaffirmed its focus on bitcoin.
“Our allegiance is with Bitcoiners,” the company wrote at the time.
How this compares to other corporate bitcoin holders
At $10 million, Steak ’n Shake’s bitcoin position is small relative to the largest corporate holders. Strategy alone holds more than 687,000 BTC, worth over $65 billion, accumulated largely through debt and equity issuance.
Steak ’n Shake’s model is materially different. It is not raising capital to buy bitcoin, nor positioning BTC as its primary treasury asset. Instead, bitcoin enters the balance sheet organically through payments and fee savings tied to daily operations.
The chain is owned by Biglari Holdings, based in San Antonio, though the parent company has not disclosed whether bitcoin will factor into its broader corporate strategy.
Corporate bitcoin adoption continues to widen
Steak ’n Shake’s move comes as corporate bitcoin holdings continue to grow across sectors. More than 200 companies now report holding bitcoin on their balance sheets, according to Bitcoin Treasuries data. When public companies, private firms, governments, and ETFs are combined, total bitcoin held in treasuries exceeds 4 million BTC.
Whether the approach scales or remains a niche experiment remains to be seen. For now, the company has gone beyond testing crypto at checkout. It is keeping bitcoin as part of how the business operates.
Gunel Ismayilova
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