Steak ‘n Shake, the iconic American fast-food chain, is seeing a significant uptick in sales following its innovative Bitcoin (BTC) acceptance strategy, which was rolled out in May 2025.
Since the launch of the Burger-to-Bitcoin program, Steak ‘n Shake has reported a dramatic rise in same-store sales, outpacing major competitors like McDonald’s, Domino’s, and Taco Bell. The company did not disclose specific figures but highlighted a 11% quarter-on-quarter increase in Q2 2025 and a 15% increase in Q3 2025.
Combining Decentralization with Traditional Business
Steak ‘n Shake’s strategy involves accepting Bitcoin payments at participating locations and routing all BTC receipts into a corporate treasury reserve. The company’s CEO, in a post on X, described the approach as a blend of a ‘decentralized, cash-producing operating business with the transformative power of Bitcoin.’
The Strategic Bitcoin Reserve has grown to a notional value of $15 million, with the company adding $5 million to the reserve in January 2026. However, the current market value of the reserve is approximately $10.96 million, reflecting a 26% unrealized loss due to Bitcoin’s price volatility.
Incentivizing Employees with Bitcoin
Steak ‘n Shake is also leveraging Bitcoin to attract and retain talent. On January 20, 2026, the company announced a Bitcoin bonus program for hourly employees, offering $0.21 in BTC per worked hour at company-operated locations, with a two-year vesting period. This initiative, supported by Bitcoin rewards platform Fold, aims to tap into the growing interest in cryptocurrencies among younger workers.
Challenges and Future Prospects
Despite the impressive sales growth, Steak ‘n Shake’s Bitcoin strategy is not without its challenges. The company’s Bitcoin holdings are currently underwater, which could impact investor sentiment and financial stability. However, the strategic move has clearly resonated with customers and employees, suggesting a long-term potential for the brand.
As the crypto landscape continues to evolve, Steak ‘n Shake’s bold approach could serve as a model for other businesses looking to integrate digital assets into their operations. The company’s success in combining traditional fast food with cutting-edge technology may pave the way for a new era of innovation in the restaurant industry.
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