Fast-food chain Steak 'n Shake has reported a significant increase in sales since it began accepting Bitcoin payments nine months ago, marking one of the most aggressive cryptocurrency adoption pushes in the restaurant industry. The company announced that its same-store sales have risen "dramatically" since launching the program in May 2025.
The chain, which operates hundreds of locations in the United States and Europe, has established a Strategic Bitcoin Reserve that now holds approximately 168.6 Bitcoin, valued at around $15 million. This reserve is funded directly by customer Bitcoin payments, which are processed via the Lightning Network for faster and cheaper transactions. The company reported saving almost half of its usual transaction costs within just two weeks of accepting Bitcoin, compared to traditional credit card processing fees.
Steak 'n Shake has extended its Bitcoin strategy beyond payments. The reserve is used to fund employee bonuses, creating what the company calls a "decentralized, cash-producing operating business." In late January, the chain announced it would give hourly workers at company-owned stores a Bitcoin bonus worth 21 to 27 cents per hour, starting March 1, though the funds are subject to a two-year vesting period and exclude franchise workers.
The company has actively increased its Bitcoin holdings, purchasing an additional $10 million worth on January 16 and $5 million more on January 27. Promotional efforts, like the "Bitcoin Burger" and donating 210 satoshis per "Bitcoin Meal" to open-source development, have supported the initiative. The chain also plans to expand into El Salvador, where Bitcoin is legal tender.
While the move has drawn some criticism regarding employee bonus terms, industry observers like Vineet Budki of Sigma Capital praise it as a "real digital asset treasury model" that treats Bitcoin as digital gold on a balance sheet, rather than mere speculation. The company has explicitly stated its allegiance is with Bitcoin, briefly considering but then rejecting the idea of accepting Ethereum after negative feedback from its community.
