Steak ‘n Shake, a prominent U.S. fast-food chain, has reported a notable 10.7% quarter-on-quarter increase in same-store sales for Q2, a performance the company credits to its recent adoption of Bitcoin payments.
The company began accepting Bitcoin as payment on May 16 at all locations where permitted by law, including stores in the United States, France, Monaco, and Spain.
In a statement on X, Steak ‘n Shake applauded the Bitcoin community, stating that “Bitcoin has been a game changer” and thanked Bitcoiners for their support since the rollout began.
Outpacing industry rivals
According to Restaurant Business Magazine’s editor-in-chief, Jonathan Maze, Steak ‘n Shake’s sales growth led the U.S. fast food sector, with competitors such as McDonald’s and Domino’s showing much lower or even negative growth for the same period.
The company’s move to accept Bitcoin has made digital payments available to more than 100 million customers globally.
Immediate business impact
Chief Operating Officer Dan Edwards shared at the Bitcoin 2025 conference that the switch to Bitcoin reduced payment processing fees by 50%.
Edwards emphasized the benefits for all parties:
“This means that Bitcoin is a win for the customer, it’s a win for us as the merchant, and it’s a win for you in the Bitcoin community.”
He also noted that Steak ‘n Shake accounted for 0.2% of all Bitcoin transactions on its opening day for Bitcoin payments.
Store closures and future outlook
Despite the recent positive sales momentum, the number of Steak ‘n Shake outlets in the U.S. has declined from a peak of 628 in 2018 to 397 as of May 2025, with Florida hosting the largest share.
The company’s experience suggests that merchant Bitcoin payments remain viable in the U.S., even as Bitcoin is primarily used as an investment asset domestically.
As Bitcoin adoption for payments grows, Steak ‘n Shake’s results may encourage other retailers to consider similar moves.
