Steak ’n Shake announced on September 8 via X that franchise partners saw a 19% increase in sales in the latest quarter following its decision to accept Bitcoin payments. The company framed the result as evidence that its cryptocurrency integration is working, but regulatory filings from parent company Biglari Holdings do not isolate Bitcoin’s contribution to that growth.
At the Bitcoin 2026 Conference, Michael Boes, Chief MAHA Officer of Steak ’n Shake, cited same-store sales growth of 11% in Q2 2025 and 15% in Q3 2025 as part of a Bitcoin-led turnaround. Biglari Holdings’ filings provide more granular benchmarks: Q2 2025 10-Q showed 10.7% same-store sales growth, Q3 2025 reported 15.6% for domestic company-operated stores and 14.8% for franchise partners, and full-year 2025 figures were 10.5%, 10.1% and 10.2% for company-operated, franchise-partner and combined categories, respectively. In 2026, first-quarter same-store sales rose 10.0% domestically and franchise partners gained about 13%, while Q2 2026 showed 11.9% domestic and 14.5% franchise growth.
The company began accepting Bitcoin via the Lightning Network on May 16, 2025, with payment provider Speed completing the rollout across all 393 US locations. Former COO Dan Edwards said Bitcoin payments cut processing costs by around 50% compared with credit cards. Steak ’n Shake also routes Bitcoin checkout payments into a Strategic Bitcoin Reserve, which has been linked to Bitcoin bonuses for hourly employees.
Despite the real sales momentum, the company has not disclosed how much revenue came directly from Bitcoin. Biglari’s annual report attributed the improvement partly to better food quality and communication. Broader payment data adds nuance: CoinGate’s H1 2026 report put USDC at 22.1% of crypto payments, ahead of Bitcoin’s 21.0%, while Lightning handled just 9.6% of BTC payments. This leaves Steak ’n Shake as a useful real-world test, but not necessarily a template for merchants.
