Burger chain Steak 'n Shake reported a 15% increase in same-store sales since implementing Bitcoin (BTC) payments via the Lightning Network eight months ago.
The company announced a $10 million bitcoin purchase for its Strategic Bitcoin Reserve in January, equivalent to approximately 105 BTC.
The Indianapolis-based restaurant began accepting bitcoin at U.S. locations in May 2025, routing all cryptocurrency payments directly into a treasury reserve rather than converting to cash.
The move came with endorsement from Block co-founder Jack Dorsey.
Payment Cost Reduction
Steak n Shake's Chief Operating Officer Dan Edwards told attendees at the Bitcoin 2025 Conference that the chain reduced processing fees by approximately 50% compared to credit card networks.
Edwards stated that one in every 500 global bitcoin transactions occurred at Steak 'n Shake locations on the payment system's launch day.
The company operates more than 1,200 locations across the U.S., France, Italy, Portugal and Monaco. It launched promotional campaigns including a "Bitcoin Burger" that rewards customers with $5 in bitcoin through the Fold app.
Second quarter 2025 data showed same-store sales increased more than 10%, though the company has not released comprehensive financial data isolating the impact of bitcoin acceptance from other operational changes.
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Treasury Strategy Comparison
Steak 'n Shake's approach differs from corporate bitcoin treasury strategies employed by firms like Strategy, which raises capital through equity offerings to fund large bitcoin purchases.
The restaurant's $10 million position remains modest compared to the 263 companies holding bitcoin on balance sheets.
The chain is owned by Biglari Holdings, which has not indicated whether bitcoin will play a role in broader corporate strategy. Critics of corporate bitcoin treasuries argue the model becomes unsustainable during cryptocurrency price declines.
Steak 'n Shake announced plans to expand into El Salvador, where bitcoin holds legal tender status, following participation in Bitcoin Histórico events in San Salvador.
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