The fast-food restaurant chain, founded in 1934, has redefined its identity in light of Bitcoin, as Steak 'n Shake announced on X on August 30, more than 15 months after it began accepting the cryptocurrency as payment in its restaurants. This statement followed an August 7 report in which the parent company announced the chain's sales growth figures.
"Since we began accepting Bitcoin payments, Steak 'n Shake has demonstrated the best same-store sales growth in the quick-service restaurant industry," the company summarized. "Bitcoin users continue to help our business. We have never seen loyalty as strong as that of Bitcoin holders. The growth in sales volume and cost savings have allowed us to reinvest in product quality."
The restaurant chain noted:
"Steak n Shake is a Bitcoin company."
Biglari Holdings Inc. (NYSE: BH), which owns the chain, reported a 13.8% increase in comparable store sales for company-operated and franchised partner restaurants in the domestic market in the second quarter of 2026.
How Bitcoin Moved from the Cash Register to the Balance Sheet
First came payments: in May 2025, Steak 'n Shake began accepting Bitcoin via the Bitcoin Lightning Network — a second layer that processes small transactions faster and cheaper than the base blockchain.
It is these cheaper transactions that underpin the operational savings reported by the chain. Instead of cashing out receipts, Steak 'n Shake directs customer Bitcoin payments into a "Strategic Bitcoin Reserve," rather than treating the cryptocurrency as merely a payment method.
Then in January, Steak 'n Shake twice increased its Bitcoin positions: first by $10 million, and then by another $5 million in nominal value. Furthermore, Steak 'n Shake partnered with Fold for an employee bonus program paid in Bitcoin.
What Bitcoin Offers to Employees and Customers
Since March 1, hourly employees at company-operated restaurants receive a Bitcoin bonus in addition to their wages. The bonus amounts to 21 cents for every hour worked and is paid out after a two-year vesting period.
Customers were given the opportunity to participate starting October 31, 2025, when Fold Holdings, Inc. (Nasdaq: FLD) and Steak 'n Shake launched a limited-time promotion with a $5 Bitcoin bonus at approximately 400 U.S. locations. Customers who purchased a "Bitcoin Steakburger" or "Bitcoin Meal" uploaded their receipt to receive a code that could be activated via the Fold app.
In the second quarter, the company reported operating profit before tax of $6.3 million compared to $3.7 million a year earlier across segments such as insurance and reinsurance, licensing and media, restaurants, and oil and gas. For the first six months of 2026, this profit was $2.1 million, down from $13.7 million for the same period in 2025.
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