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Steak ’n Shake says its sales have climbed sharply since it began letting customers pay with Bitcoin nine months ago, one of the most aggressive cryptocurrency moves in the fast-food industry. The national burger chain announced the increase on Tuesday, saying accepting digital currency payments has paid off.
The company started taking Bitcoin in May 2025 and now holds about $15 million worth of the cryptocurrency, which it describes as a “Strategic Bitcoin Reserve.”
Steak ’n Shake reported that its same-store sales have risen “dramatically” since the program launched. In a statement marking the nine-month anniversary of the Bitcoin initiative, the company said it saved almost half of its usual transaction costs within two weeks of accepting Bitcoin.
The chain contrasted that with traditional credit card processing fees, which it said typically reduce restaurant profits.
By the end of October 2025, Steak ’n Shake said it became the first major U.S. restaurant chain to establish a dedicated Bitcoin reserve. The company attributed a 15 percent increase in sales at existing stores to cryptocurrency-friendly customers.
Steak ’n Shake accepts Bitcoin through the Lightning Network, which it said enables faster and cheaper transactions. The move was backed by Block co-founder Jack Dorsey.
According to the company, Bitcoin payments from customers go directly into the reserve fund. That money is then used to pay employee bonuses in Bitcoin, which Steak ’n Shake describes as a “decentralised, cash-producing operating business.”
Steak ’n Shake has continued adding to its cryptocurrency position. After an initial $10 million purchase, the chain bought another $10 million on January 16 and $5 million more on January 27, bringing total holdings to roughly 168.6 Bitcoin.
The company also ran promotions such as “Bitcoin Burger,” which gave customers small amounts of Bitcoin with certain menu items. For every Bitcoin Meal sold, Steak ’n Shake donated 210 satoshis to support open-source Bitcoin software development.
Employee bonuses have drawn mixed reactions. In late January, the chain said it would provide hourly workers at company-owned stores a Bitcoin bonus worth 21 cents per hour starting March 1. However, employees complained that they cannot access the money for two years, and that franchise workers do not receive the bonus.
Biglari Holdings, Steak ’n Shake’s owner, has not indicated whether Bitcoin will be part of its overall corporate money strategy, suggesting the push may be specific to the Steak ’n Shake brand.
Steak ’n Shake said sales data support the approach so far, including 18 percent growth at existing stores in 2026 and double-digit growth last year, which it said outpaced most competitors.
The chain plans to open locations in El Salvador, where Bitcoin is legal money. It attended Bitcoin events in San Salvador last November and announced expansion plans shortly after.
Steak ’n Shake also briefly asked customers whether it should accept Ethereum, but it pulled the survey after receiving angry responses, saying: “Our allegiance is with Bitcoiners.”
The company argued that transaction fee savings could justify the move, noting that restaurants operate on thin profit margins where small changes matter. It also described a “loop” in which Bitcoin payments fund employee bonuses, which it says may attract tech-savvy workers, improve service, and bring in more customers willing to pay with Bitcoin—creating loyalty over time.
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