Nine months after introducing Bitcoin payments across its restaurants, Steak ’n Shake is tying a measurable lift in sales to the decision, positioning the cryptocurrency not just as a marketing hook but as part of a broader treasury and operating strategy.
Bitcoin integration reducing transaction costs
The 91-year-old fast food chain began accepting Bitcoin nationwide on May 16, 2025, following months of social media engagement that included public polls and endorsements from prominent industry figures such as Jack Dorsey.
Since then, management says the move has translated into tangible financial gains.
In a recent X post, the company said same-store sales have risen “dramatically” since the rollout.
“We have combined a decentralized, cash-producing operating business with the transformative power of Bitcoin. Thank you Bitcoiners!” the company said.
Executives had previously disclosed that transaction costs fell by roughly 50% after moving payments onto the Lightning Network, which processes transfers off the base Bitcoin layer and settles them near instantly.
That cost efficiency, combined with added customer interest, contributed to a reported 15% increase in same-store sales, a figure the company highlighted during the Bitcoin 2025 Conference.
Chief Operating Officer Dan Edwards said at the time that on the first day of launch, one in every 500 Bitcoin transactions globally took place at a Steak ’n Shake location.
Rather than liquidating incoming crypto, the chain directs all Bitcoin payments into a newly created Strategic Bitcoin Reserve.
The reserve functions as a long-term treasury holding, with the company committing to retain customer-paid Bitcoin on its balance sheet instead of converting it into fiat currency.
Steak ’n Shake previously disclosed a $10 million direct Bitcoin purchase to reinforce the reserve. Late last month, the restaurant chain said it had added $5 million to its Bitcoin treasury fund.
It also linked the fund to employee incentives, announcing that hourly workers at company-operated stores will receive $0.21 in Bitcoin per hour worked, subject to a two-year vesting schedule.
Data from BitcoinTreasuries shows the chain currently holds about 161 BTC, valued at roughly $11 million, which sits around 26% below an average acquisition price of $92,851.
Not everyone’s cup of tea
While the Steak ‘n Shake model suggests a seamless fusion of legacy dining and digital finance, many global corporations have discovered that Bitcoin integration is fraught with operational and logistical hurdles.
Microsoft and Expedia serve as high-profile examples of this early-stage friction, having both integrated and subsequently restricted Bitcoin payments due to poor user experiences.
Expedia, for instance, quietly removed the option in 2018, citing a “tedious and burdensome” checkout process and the inability to provide a stable refund environment for travellers.
Because Bitcoin transactions are irreversible on the base layer, these companies struggled to handle the standard cancellations and modifications inherent in the travel and retail industries, leading to significant customer service backlogs that Steak ‘n Shake managed to avoid through its more nimble, second-layer payment processors.
The environmental and regulatory narrative has also derailed some ambitious adoption plans, most notably at Tesla.
In 2021, the electric vehicle manufacturer famously suspended Bitcoin payments just months after a $1.5 billion investment, citing the “rapidly increasing use of fossil fuels” for mining.
https://invezz.com/news/2026/02/17/steak-n-shake-credits-bitcoin-strategy-as-driver-of-sales-growth/
