Steak ’n Shake Makes Its First Bitcoin Investment with $10 Million Purchase

Steak ’n Shake, a well-established American burger chain celebrating 91 years in business, has officially ventured into the world of cryptocurrency by purchasing $10 million worth of Bitcoin for its treasury.

Key Takeaways:

Steak ’n Shake has made its inaugural $10 million investment in Bitcoin after implementing crypto payment options.
All Bitcoin payments received from customers are directed into a Strategic Bitcoin Reserve linked to sales growth.
This strategy underscores a consumer-focused approach to Bitcoin rather than solely accumulating it for financial reasons.

This acquisition, equivalent to approximately 105 BTC at current market rates, marks the first time the company has publicly disclosed a direct investment since it started accepting cryptocurrency payments in May 2025.

Steak ’n Shake Makes First Bitcoin Treasury Bet With $10M BTC Purchase

Steak ’n Shake Establishes Strategic Bitcoin Reserve Linked to Sales Growth

This initiative formalizes what the restaurant chain refers to as a “Strategic Bitcoin Reserve.” This system allows all Bitcoin received from customers to go directly into their treasury instead of being converted into cash.

In a statement shared on social media platform X, Steak ’n Shake explained that this method connects growth in same-store sales with the long-term expansion of their Bitcoin reserves, creating a self-sustaining model.

In mid-May, the company began accepting payments through the Lightning Network at all of its U.S. locations, a rollout supported by Jack Dorsey.

Notably, Steak ’n Shake reported nearly 50% savings on transaction fees compared to traditional credit card processing, in addition to a roughly 15% increase in same-store sales following the launch.

The treasury strategy was finalized on October 31 through a collaboration with Fold Holdings, whereby customers received $5 worth of Bitcoin when purchasing select menu items, including the “Bitcoin Burger.”

Furthermore, with every “Bitcoin Meal” sold, Steak ’n Shake commits to donating 210 satoshis to OpenSats, which helps fund Bitcoin Core and open-source development.

This promotional strategy ties consumer incentives directly to Bitcoin adoption, rather than speculative investment opportunities.

Steak ’n Shake operates under Biglari Holdings, led by Sardar Biglari. The parent company, however, has not disclosed whether Bitcoin will factor into its overall financial strategy.

The restaurant’s strategy contrasts with capital-market-driven approaches championed by firms focused on acquiring Bitcoin by raising funds.

Even though more than 200 companies now hold Bitcoin, Steak ’n Shake’s $10 million investment is relatively small, indicating a cautious yet significant entry into the cryptocurrency market from a traditional consumer brand.

Steak ’n Shake Expands Its Presence in El Salvador

In November of last year, Steak ’n Shake announced its expansion into El Salvador, which holds the distinction of being the world’s first country to adopt Bitcoin as legal tender.

This move followed the chain’s participation in the Bitcoin Histórico event hosted in San Salvador, highlighting the company’s deeper engagement with El Salvador’s crypto-driven economy.

The chain faced some backlash in October after suggesting it might accept Ether payments, leading to criticism from its Bitcoin-centric customer base.

However, Steak ’n Shake quickly backtracked and reaffirmed its commitment to Bitcoin, a decision that seemed to resonate well with its core audience, as evidenced by sustained sales growth into the latter half of the year.