Steak 'n Shake announced on Friday that its Bitcoin corporate treasury increased by $10 million in notional value. The fast-food chain did not disclose its total Bitcoin holdings. The company also did not specify whether the gain came from price appreciation, customer payments, or additional purchases.
The restaurant chain stated all Bitcoin sales go into its strategic Bitcoin reserve. The company began accepting Bitcoin as payment at all locations worldwide in May 2025. The announcement followed a phased rollout across its restaurant network.
Steak 'n Shake reported its Q2 2025 same-store sales rose 11% compared to the previous quarter. The company attributed this growth directly to Bitcoin adoption. Q3 2025 sales increased 15%, outperforming competitors including McDonald's and Taco Bell. The company expanded to El Salvador in November 2025.
Business Turnaround Through Bitcoin
The Bitcoin strategy emerged after years of declining operations. Steak 'n Shake closed 230 locations between 2018 and 2025. The company's U.S. presence dropped from 628 stores to 394 locations during this period.
The restaurant chain now uses Bitcoin as a financial buffer during its recovery phase. Bitcoin investor Rajat Soni noted that Bitcoin extends financial endurance for struggling businesses. Companies can maintain operations longer while their Bitcoin holdings appreciate. This approach provides breathing room that traditional cash reserves cannot match.
The sales increases suggest customer interest in Bitcoin payment options drives foot traffic. Bitcoin adoption can strengthen both sovereign and corporate balance sheets. The restaurant industry historically operates on thin margins and high overhead costs. Bitcoin treasury holdings offer protection against inflation while attracting crypto-savvy customers.
Merchant Adoption Accelerates
Bitcoin merchant acceptance surged 53% in 2025. The number of recently verified merchants reached 11,242 by year-end. Block's Square platform drove much of this growth by integrating Bitcoin payments into point-of-sale systems.
Corporate Bitcoin treasuries expanded across sectors in 2025. Businesses now hold 6.2% of Bitcoin's total supply. This represents a 21-fold increase since January 2020. Private sector Bitcoin inflows reached $12.5 billion in the first eight months of 2025.
The trend extends beyond large technology companies. Small businesses with fewer than 50 employees represent 75% of business Bitcoin users. These smaller operations allocate a median 10% of their net income to Bitcoin. The median allocation provides meaningful exposure while preserving operational flexibility.
Traditional financial institutions face pressure to respond to corporate Bitcoin adoption. Banks now compete with Bitcoin's inflation hedge properties and borderless transaction capabilities. The 2024 approval of Bitcoin ETFs removed barriers for institutional investors. This regulatory clarity enables more companies to add Bitcoin to their balance sheets with confidence.