Burger chain Steak 'n Shake purchased $10 million in Bitcoin (BTC) this month following eight months of accepting cryptocurrency payments.
The Biglari Holdings subsidiary claims same-store sales increased 18% so far in 2026 for company and franchise units.
Multiple news outlets including CoinDesk and DL News reported the $10 million purchase despite the company's social media posts stating $5 million.
The acquisition equals approximately 105 Bitcoin at current market prices according to reporting at the time.
Steak 'n Shake began accepting Bitcoin payments in May 2025 and channels all cryptocurrency received from customers directly into what it calls a Strategic Bitcoin Reserve. The company claims the reserve funds restaurant upgrades and ingredient improvements without raising menu prices.
Sales Performance Claims Lack Independent Verification
The chain reported 15.6% same-store sales growth in Q3 2025 and 10.7% in Q2 according to Biglari Holdings SEC filings.
Restaurant Business cited these figures as among the strongest in the burger segment last year.
However the 18% growth claim for 2026 comes exclusively from company social media posts without independent third-party verification. Restaurant industry analysts have not yet confirmed these figures through financial disclosures.
The 91-year-old chain operates approximately 400 US locations after closing roughly 200 restaurants between 2018 and 2025. The company simultaneously introduced beef tallow fries and Bitcoin payments as part of its turnaround strategy.
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Bitcoin Strategy Remains Modest Compared to Corporate Holders
Steak 'n Shake's $10 million Bitcoin position remains small relative to major corporate holders. Strategy holds over 687,000 Bitcoin worth approximately $65 billion while more than 200 companies now maintain cryptocurrency treasuries.
The restaurant chain partnered with Fold Holdings to offer customers $5 in Bitcoin rewards when purchasing Bitcoin-branded menu items. Employees can receive portions of wages in Bitcoin through payroll infrastructure updated in October 2025.
Biglari Holdings filed January 21 to sell $500 million in stock creating a strategic reserve for business activities and acquisitions. The parent company's profits nearly doubled to $12.4 million in the first nine months of 2025.
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