Steak ‘n Shake: Bitcoin rollout boosts same-store sales
U.S. restaurant chain Steak ‘n Shake reported that same-store sales have increased markedly since launching its burger-to-Bitcoin program in May 2025, which routes all customer Bitcoin payments into a corporate treasury reserve. In a post on X on Monday, the company said it had blended a decentralized, cash-generating business with Bitcoin but did not quantify the scale of the sales increase.
The chain began accepting Bitcoin at participating locations on May 16, 2025, via a phased rollout.
Since then, Steak ‘n Shake has repeatedly linked stronger performance to Bitcoin (BTC) adoption, citing quarter-on-quarter same-store sales growth of 11% in Q2 2025 and 15% in Q3 2025, outpacing McDonald’s, Domino’s and Taco Bell over the same period.
Under the initiative, all Bitcoin receipts are directed to the company’s Strategic Bitcoin Reserve, which scales with customer spending.
On Jan. 16, Steak ‘n Shake said the reserve’s notional value had risen by $10 million, without detailing how much was due to price appreciation versus additional accumulation.
On Jan. 20, the company announced plans to provide hourly employees at company-operated locations a Bitcoin bonus of $0.21 per worked hour, with a two-year vesting period, supported by Bitcoin rewards firm Fold. The company positioned the move as appealing to Gen Z and Millennial workers in the U.S. restaurant sector.
On Jan. 27, Steak ‘n Shake disclosed a further $5 million allocation to the reserve, bringing its total Bitcoin exposure to around $15 million.
Sales gains contrast with unrealized loss on Bitcoin reserve
According to BitcoinTreasuries, Steak ‘n Shake holds 161.6 BTC, valued at about $10.96 million at current prices, implying an average acquisition cost just under $92,851 per coin. This places the position roughly 26% below its average purchase price, leaving the Strategic Bitcoin Reserve with an unrealized loss despite the sales uplift.
Steak ‘n Shake did not respond to a request for comment by publication time.
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