In a decisive push into the cryptocurrency realm, Steak ‘n Shake announced on January 17, 2026, that it has acquired $10 million worth of Bitcoin, amounting to approximately 105 BTC, for its corporate treasury. This significant investment comes just eight months after the 91-year-old burger chain began accepting Bitcoin payments across all U.S. locations via the Lightning Network.
Steak ‘n Shake’s foray into Bitcoin represents a broader strategy to leverage cryptocurrency to combat declining sales and enhance customer engagement. Since the implementation of Bitcoin payments in May 2025, the fast-food titan has reported a 15% increase in same-store sales by Q3 2025, outpacing major competitors like McDonald’s, Domino’s, and Taco Bell during the same timeframe.
The company has established what it describes as a Strategic Bitcoin Reserve, channeling all Bitcoin payments directly into this reserve instead of immediately converting them to cash. This strategy not only builds the company’s financial buffer but also positions it to capitalize on any appreciation of its Bitcoin holdings.
Notably, Steak ‘n Shake cites a significant reduction in transaction fees—approximately 50%—when using the Lightning Network compared to traditional credit card payments. The positive sales response was evident in the company’s Q2 report, which showed an 11% sales increase following the adoption of cryptocurrencies.
Sales Growth Outpaces Competitors
The proactive steps taken by Steak ‘n Shake come after years of restructuring, during which they closed 230 outlets from 2018 to 2025 before adopting a Bitcoin-centric approach. Operating now with 394 locations, the firm aims to revitalize its brand and customer experience through innovative technological integration.
Jack Dorsey, co-founder of Block, publicly endorsed the Lightning Network rollout, underscoring its transformative potential for businesses like Steak ‘n Shake. Additionally, the restaurant chain partnered with Fold Holdings in October 2025, launching a promotion where customers could earn Bitcoin rewards on certain menu items, further enhancing their Bitcoin integration.
Under the umbrella of Biglari Holdings, led by Sardar Biglari, Steak ‘n Shake has not indicated whether its Bitcoin initiative will influence the parent company’s overall strategy. However, the move aligns with a growing trend, as more than 200 companies now hold Bitcoin on their balance sheets, although Steak ‘n Shake’s $10 million position represents a smaller commitment compared to industry leaders.
In an international expansion effort, Steak ‘n Shake also entered the Salvadoran market in November 2025, capitalizing on the country’s pro-Bitcoin policies, where the digital currency was recognized as legal tender in 2021. Rajat Soni, a Bitcoin investor, opines that Bitcoin acts as a protective measure for businesses, extending their financial endurance in the fluctuating market.
Unlike some firms that acquire Bitcoin through capital raised via stock offerings, Steak ‘n Shake’s model revolves around direct sales and reinvesting profits into its Bitcoin treasury. This forward-thinking approach not only illustrates a commitment to embracing innovation but also aims to secure the restaurant chain’s position in an increasingly competitive food service industry.
As the cryptocurrency landscape continues to evolve, Steak ‘n Shake’s bold step towards Bitcoin integration offers valuable insights into how traditional businesses can adapt and thrive in the digital age.
