Steak 'n Shake said same-store sales have “risen dramatically” since launching a burger-to-Bitcoin strategy in May 2025 that directs all Bitcoin payments into a corporate treasury reserve.
The fast-food chain began accepting Bitcoin at participating locations on May 16, 2025, and reported quarter-on-quarter same-store sales growth of 11% in Q2 and 15% in Q3, outperforming rivals such as McDonald's, Domino's and Taco Bell.
“We successfully combined a decentralised, cash-producing operating business with the transformative power of Bitcoin,”
The company said in a post on X, without disclosing specific sales figures.
Under the initiative, all Bitcoin receipts are funnelled into a Strategic Bitcoin Reserve, which the company said reached around $15 million after additional allocations including a $5 million top-up in late January.
According to BitcoinTreasuries data, Steak ‘n Shake holds 161.6 BTC worth about $10.96 million at current prices, implying an average cost basis near $92,851 per coin and leaving the reserve roughly 26% below its purchase price.
In January, the company also introduced a Bitcoin bonus of $0.21 per hour for eligible employees at company-operated locations, supported by Fold, with a two-year vesting period aimed at boosting crypto engagement among younger workers.
Despite the unrealised loss on its treasury holdings, Steak ‘n Shake continues to frame its Bitcoin strategy as a driver of customer engagement and brand differentiation in a competitive quick-service restaurant market.
At the time of reporting, Bitcoin price was $66,925.79.