Steak ‘n Shake says same-store sales have “risen dramatically” since it launched a burger-to-Bitcoin strategy in May 2025.
How the program works
The company said it routes every Bitcoin payment into a corporate treasury reserve.
In a Monday post on X, Steak ‘n Shake said it had combined a “decentralized, cash-producing operating business with the transformative power of Bitcoin,” while thanking Bitcoiners for supporting the effort.
“[We] successfully combined a ‘decentralized, cash-producing operating business with the transformative power of Bitcoin.’”
Reported sales gains
Steak ‘n Shake began accepting Bitcoin at participating locations on May 16, 2025, in a phased rollout.
The chain has tied higher sales to bitcoin adoption, reporting quarter-on-quarter same-store sales growth of 11% in Q2 2025 and 15% in Q3 2025.
It said those results outpaced major rivals including McDonald’s, Domino’s, and Taco Bell over the same period.
Reserve size and employee bonus plan
On Jan. 16, Steak ‘n Shake said its bitcoin stash had grown by $10 million in notional value, without detailing how much came from price appreciation versus additional accumulation.
On Jan. 20, it announced plans to offer hourly employees a bitcoin bonus of $0.21 per worked hour at company-operated locations, with a two-year vesting period, supported by Fold.
On Jan. 27, the company announced a further $5 million allocation to the reserve, bringing total bitcoin exposure to around $15 million.
Treasury position at current prices
According to BitcoinTreasuries, Steak ‘n Shake holds 161.6 BTC, worth about $10.96 million at current prices.
The data implies an average cost basis just under $92,851 per coin, putting the position about 26% below its average purchase price.
