Why Steak ‘n Shake Now Calls Itself a Bitcoin Company
A burger chain founded in 1934 has redefined itself around bitcoin, Steak ‘n Shake shared Aug. 30 on X, more than 15 months after it began letting customers pay in the cryptocurrency at its restaurants. The declaration follows an Aug. 7 filing in which its parent company put a number on the chain’s sales growth.
“From the moment we started accepting bitcoin payments, Steak n Shake has produced the best same-store sales in the fast food industry,” the company summarized. “Bitcoiners continue to help our business. We have never seen an allegiance as strong as Bitcoin holders. The increased business and savings have helped us reinvest in food quality.”
The restaurant chain remarked:
“Steak n Shake is a Bitcoin company.”
Biglari Holdings Inc. (NYSE: BH), which owns the chain, reported a 13.8% same-store sales increase for domestic company-operated and franchise-partner-operated restaurants in the second quarter of 2026.
How Bitcoin Moved From the Register to the Balance Sheet
Payments came first, when Steak ‘n Shake started taking bitcoin in May 2025 over the Bitcoin Lightning Network, a second layer that settles small transfers faster and more cheaply than the base blockchain.
Those cheaper transactions sit behind the operating savings the chain describes. Rather than cashing out the proceeds, Steak ‘n Shake routes customer bitcoin payments into a Strategic Bitcoin Reserve instead of treating the cryptocurrency as a checkout feature.
Steak ‘n Shake then increased its bitcoin exposure twice in January, first by $10 million and then by $5 million in notional value. Separately, Steak ‘n Shake partnered with Fold on its employee bitcoin bonus program.
What Bitcoin Pays Workers and Diners
Hourly employees at company-operated restaurants have earned a bitcoin bonus on top of wages since March 1, set at 21 cents for every hour worked and payable after a two-year vesting period.
Customers got their own entry point on Oct. 31, 2025, when Fold Holdings, Inc. (Nasdaq: FLD) and Steak ‘n Shake launched a limited-time $5 bitcoin promotion at roughly 400 U.S. locations. Diners who bought a Bitcoin Steakburger or Bitcoin Meal uploaded the receipt for a code redeemable through the Fold app.
The company posted pretax operating earnings of $6.3 million for the second quarter, against $3.7 million a year earlier, across insurance and reinsurance, licensing and media, restaurants, and oil and gas. Across the first six months of 2026, those earnings came to $2.1 million, down from $13.7 million in the same stretch of 2025.
