American fast-food chain Steak ‘n Shake has announced the formation of a new Bitcoin treasury, built with the Bitcoin made from its restaurants’ sales.
"All payments received in Bitcoin will be placed in our [strategic Bitcoin reserve]," said Steak ‘n Shake in a post on X on Friday, which garnered strong support from the Bitcoin community.
The company added that for every Bitcoin meal it sells, 210 sats (around $0.23) will be donated to nonprofit OpenSats, which supports contributors to Bitcoin Core and open source Bitcoin development.
Potential Bitcoin Accumulation for Steak 'n Shake
Steak ‘n Shake has not disclosed how much of its restaurants’ sales are made in Bitcoin since it began accepting BTC payments across its US locations in May. Many other fast food chains that accept Bitcoin via third-party services also do not disclose this information.
However, Steak ‘n Shake’s revenue figures could provide some hints as to how much the company could realistically accumulate in Bitcoin each quarter.
In the second quarter of 2025, Steak ‘n Shake reported revenue of $69.3 million — a 12% increase year over year. At the time, the company praised Bitcoiners for helping it secure a 10.7% quarter-on-quarter rise in same-store sales. This momentum continued in the third quarter as same-store sales grew by 15%.
Both figures suggest that Bitcoiners comprise only a small, though growing, percentage of their customer base and sales, meaning Bitcoin accumulation will likely be slow compared to Bitcoin-focused treasury companies or Bitcoin miners.
There are, of course, other benefits to accepting Bitcoin. In May, Steak ‘n Shake said it saves roughly 50% in processing fees compared to when customers use credit cards.
Partnership Offers Bitcoin Rewards for Customers
Meanwhile, Steak ‘n Shake also announced a partnership with Fold that will give customers $5 in BTC when they buy a Steak ‘n Shake “Bitcoin Meal” or “Bitcoin Steakburger,” using the receipt to redeem it in the Fold app.
“Bitcoin goes mainstream when it starts showing up in everyday life,” said Will Reeves, chairman, founder and CEO of Fold.
“That’s been our vision from the beginning, and our promotion with Steak ’n Shake is the next step in that journey. For many people, this will be the first time they ever own Bitcoin, and it will come from something as ordinary as grabbing a burger. That’s what real adoption looks like.”
The limited-time offer will be available across approximately 400 locations across the United States.