Steak 'n Shake, the iconic American burger chain, has announced a $10 million notional increase in its Bitcoin (BTC) holdings, further cementing its position as a pioneer in cryptocurrency adoption within the restaurant industry. The announcement, made via the company's X account on Saturday, comes eight months after Steak 'n Shake began accepting Bitcoin payments at its locations in May 2025.
The company's foray into Bitcoin began with the integration of the Lightning Network, a second-layer scaling solution designed to facilitate faster and cheaper Bitcoin transactions. This move, endorsed by Block co-founder Jack Dorsey, allowed Steak 'n Shake to offer Bitcoin payments across its U.S. locations and has since expanded to its international locations in France, Italy, Portugal and Monaco.
Steak 'n Shake has attributed a significant boost in sales and reduced transaction fees to its embrace of Bitcoin. The company reported a nearly 50% savings in transaction fees within two weeks of accepting Bitcoin payments compared to traditional credit card processing. Furthermore, Steak 'n Shake experienced a 15% increase in same-store sales in the third quarter of 2025, which the company credits to its crypto-friendly policies. The company's COO, Dan Edwards, stated at the Bitcoin 2025 conference that Bitcoin payments have delivered immediate financial benefits, cutting processing costs and increasing transaction speeds.
The $10 million Bitcoin purchase will be added to the company's "Strategic Bitcoin Reserve," which was established in October 2025, making Steak 'n Shake the first major U.S. restaurant chain to create a dedicated Bitcoin reserve. According to their recent post, all Bitcoin sales are funneled directly into this reserve. The company has not disclosed details regarding the timing or execution of this latest Bitcoin acquisition.
Steak 'n Shake's embrace of Bitcoin represents a bold move by a company seeking to revitalize its brand and connect with a new customer base. The chain, owned by Biglari Holdings, experienced financial difficulties, including the closure of 230 stores between 2018 and 2025 before embracing crypto. Sardar Biglari, the founder of Biglari Holdings, has a history of strategic investments through his investment fund Biglari Capital. The fund aims to maximize the net worth of its partners by seeking undervalued securities across various investment categories.
The company's proactive approach to digital assets has garnered attention within the crypto community and beyond. Observers suggest that Steak 'n Shake's success could influence other businesses to explore similar strategies, potentially accelerating the mainstream adoption of Bitcoin.
