Steak ’n Shake is positioning Bitcoin as both a customer payment option and a long-term treasury asset, signaling a deeper integration of cryptocurrency into its business model. The fast-food chain reported that its corporate Bitcoin holdings increased by $10 million in notional value, fueled by customer payments and rising same-store sales.
Key Takeaways
- •Steak ’n Shake adds all customer Bitcoin payments to its treasury, turning everyday transactions into a growing non-cash reserve asset.
- •Bitcoin payments via the Lightning Network cut transaction costs nearly 50%, improving margins in the highly competitive fast-food industry.
- •Same-store sales rose sharply in 2025, with Steak ’n Shake outperforming major rivals after rolling out Bitcoin payments worldwide.
- •After years of store closures, Steak ’n Shake is using Bitcoin adoption to stabilize operations and strengthen long-term resilience.
Bitcoin Payments Help Steak ’n Shake Outperform Fast-Food Rivals
Company executives stated that every Bitcoin payment received from customers is added directly to Steak ’n Shake’s strategic Bitcoin reserve. According to management, accepting BTC has increased customer engagement, driving stronger in-store performance and accelerating the accumulation of Bitcoin on the balance sheet.
The company began rolling out Bitcoin payments globally in May 2025, eventually enabling BTC transactions at all Steak ’n Shake locations worldwide. The launch generated immediate attention, with Bitcoin users widely sharing payment receipts on social media. That momentum continued later in the year when the company announced plans to expand into El Salvador, a country known for its supportive stance on BTC adoption.
Steak ’n Shake processes BTC payments using the Lightning Network, a scaling solution associated with long-time Bitcoin advocate Jack Dorsey. Within two weeks of launch, the company posted transaction costs nearly 50% lower than those of traditional card payments—an improvement that meaningfully boosted margins in a low-margin industry.
Same-store sales rose 11% quarter over quarter in Q2 2025 and accelerated to 15% in Q3 2025. According to company statements, these results exceeded those of major competitors, including McDonald’s, Domino’s, and Taco Bell.
BTC Adoption Emerges as Key Pillar in Turnaround Strategy
Steak ’n Shake attributed several operational benefits directly to its Bitcoin strategy:
- •Reduced payment processing fees.
- •Faster transaction settlement.
- •Higher customer traffic from Bitcoin users.
- •Improved same-store sales performance.
- •Expansion of a non-cash treasury reserve.
BTC investor and accountant Rajat Soni argued that the strategy illustrates how Bitcoin can function as a financial buffer for businesses. He maintained that holding Bitcoin reserves can extend a company’s financial runway and improve resilience during prolonged downturns.
The company’s recent history explains the reason for this approach. Steak ’n Shake’s U.S. footprint peaked at 628 locations in 2018 but declined to 394 by 2026 after 230 stores closed between 2018 and 2025. Today, the chain operates hundreds of locations across the U.S., France, Italy, Portugal, and Monaco, as it seeks to stabilize and rebuild using a BTC-centered strategy.