Steak ’n Shake makes $10 million Bitcoin purchase for reserves

Deepening Cryptocurrency Integration

The American fast-food chain Steak 'n Shake has announced a significant $10 million purchase of Bitcoin, adding it to its Strategic Reserve. This move signifies a deeper integration of the cryptocurrency into the company's business operations.

Steak 'n Shake made the announcement on its official X account on Saturday, approximately eight months after it began accepting Bitcoin payments across its US restaurants. The rollout commenced in May following a series of promotional teasers, and the company reports experiencing improvements in same-store sales directly attributed to the Bitcoin initiative.

"Eight months ago today, Steak n Shake launched its burger-to-Bitcoin transformation when we started accepting bitcoin payments. Our same-store sales have risen dramatically ever since," the company stated. The post further elaborated that all Bitcoin payments are directed into the Strategic Bitcoin Reserve. The most recent purchase has increased the company's exposure by "$10,000,000 in notional value."

Pioneering a Bitcoin Reserve in the Restaurant Industry

Steak 'n Shake is asserting a first-mover advantage among restaurant chains, claiming it "made history as the first major restaurant to establish a Strategic Bitcoin Reserve." The company has not disclosed the specific timing or execution details of the $10 million Bitcoin acquisition, nor whether it was acquired in a single transaction or accumulated over a period.

During the Bitcoin 2025 conference, Chief Operations Officer Dan Edwards informed attendees that the Bitcoin payments had yielded immediate financial advantages for the Steakburgers maker. He highlighted that Bitcoin payments were reducing processing costs by 50% when compared to traditional fiat payment methods, while also accelerating transaction speeds at the point of sale.

"Bitcoin is a win for the customer, it’s a win for us as the merchant, and it’s a win for you in the Bitcoin community," Edwards remarked during his address at the event.

Steak 'n Shake has confirmed its policy of retaining all received Bitcoin payments in their digital currency form, rather than converting them to dollars. This approach directly contributes to the growth of its Strategic Bitcoin Reserve.

The company reported a sales increase of approximately 10.7% during the second quarter, followed by a 15% increase in the third quarter. According to Dan Edwards, its third-quarter performance surpassed that of its competitors in the fast-food sector, including major brands like McDonald’s, Burger King, Taco Bell, and Starbucks.

Integrating Bitcoin into Menu and Promotions

Twitter co-founder Jack Dorsey publicly acknowledged the restaurant's initiative by sharing images in June showcasing his use of Bitcoin for meals, amounting to $100.

Steak 'n Shake has also integrated Bitcoin into its menu and promotional activities through the introduction of the Bitcoin Burger, a menu item distinguished by its bun stamped with the Bitcoin logo. Additionally, the Bitcoin Meal program utilizes funds from purchases for charitable contributions and customer rewards.

In October of the previous year, Steak 'n Shake announced its intention to donate 210 satoshis from every Bitcoin Meal sold to Open Sats Initiative, Inc. over the subsequent 12 months. However, the company has not yet provided an estimated total donation amount.

Customers who purchase and register a Bitcoin Steakburger or Bitcoin Meal are eligible to receive $5 in Bitcoin through the Fold app. The process involves customers uploading their receipt to a designated website, receiving a redemption code, and activating an account within the Fold app to claim the reward.

Last November, the fast-food chain expanded its operations into El Salvador, participating in the country's Bitcoin Histórico event. El Salvador was the first nation to adopt Bitcoin as legal tender, a decision that reportedly resonated with the company's executives.