Steak ‘n Shake Embraces Bitcoin
Steak ‘n Shake, a historic burger franchise established in 1934, has dramatically adapted its business model by integrating bitcoin payments. The company claims this shift has not only bolstered sales but also reduced overhead costs and allowed for enhancements in food quality.
Announcement and Sales Growth
On August 30, the chain revealed its commitment to cryptocurrency on social media platform X, noting that this shift began over 15 months ago when bitcoin was first accepted as a payment method at its locations.
The announcement coincided with the parent company’s recent filing on August 7, which highlighted a notable uptick in sales attributed to the introduction of digital currency transactions.
“Since we began accepting bitcoin, Steak ‘n Shake has experienced unprecedented same-store sales growth within the fast-food sector,”
the company stated, emphasizing the loyalty of bitcoin customers. This increase in revenue has facilitated reinvestment back into enhancing their menu offerings.
“We have never encountered customer loyalty like that of bitcoin holders,”
they added.
Financial Performance and Strategic Moves
Biglari Holdings Inc., which oversees Steak ‘n Shake and trades on the NYSE under the ticker BH, reported that company-operated and franchise locations saw a 13.8% surge in same-store sales during the second quarter of 2026. The adoption of bitcoin started in May 2025, utilizing the Bitcoin Lightning Network to enable quicker and less expensive transactions. Rather than converting these bitcoin earnings into cash, Steak ‘n Shake has opted to establish a Strategic Bitcoin Reserve, signaling a long-term commitment to the cryptocurrency rather than merely using it at checkout.
Innovative Employee Compensation
In January 2026, the restaurant chain upped its exposure to bitcoin significantly, initially allocating $10 million followed by an additional $5 million. It also introduced an innovative employee compensation model in collaboration with Fold, offering hourly workers a bonus in bitcoin, calculated at 21 cents per hour worked, which will be distributed after a two-year vesting period.
Promotional Campaign and Future Plans
On October 31, 2025, Steak ‘n Shake expanded this initiative into a promotional campaign with Fold Holdings, providing a limited-time $5 bitcoin deal available at around 400 U.S. locations. Customers who purchased specific menu items received a code via receipt submission through the Fold application, further promoting customer engagement with bitcoin.
The company’s pre-tax operating earnings for Q2 reached $6.3 million, a significant rise from $3.7 million the previous year, spanning various sectors including restaurants, licensing, and insurance. However, there was a decrease in total earnings for the first half of 2026, totaling $2.1 million, a drop from $13.7 million in the same timeframe from 2025.
Looking ahead, Steak ‘n Shake plans to open its first location in Latin America, motivated by its commitment to bitcoin. This expansion reflects their ongoing endeavor to weave cryptocurrency into their operational fabric.
