KEY FACTS: Steak 'n Shake announced on January 17, 2026, that it increased its strategic Bitcoin reserve by $10 million in notional value, eight months after launching Bitcoin payments at all locations worldwide in May 2025. The fast-food chain, which began accepting BTC via the Lightning Network to cut credit card fees and attract crypto users, has seen dramatic same-store sales growth, rising 11% in Q2 2025 and 15% in Q3 2025, outperforming major competitors. All Bitcoin received from customer payments is retained in the company's treasury rather than converted to fiat, creating a self-reinforcing growth cycle. The move follows a period of store closures and operational restructuring, and positions Steak 'n Shake as one of the first major U.S. restaurant chains to formally establish a Strategic Bitcoin Reserve.

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Image source: Steak 'n Shake

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Steak 'n Shake Boosts its Bitcoin Treasury with $10 Million Increase

Iconic American burger chain Steak 'n Shake has announced a significant expansion of its Bitcoin holdings. On January 17, 2026, the company revealed that its strategic Bitcoin reserve had grown by $10 million in notional value, highlighting the success of its ongoing integration of Bitcoin as both a payment method and a core treasury asset. The announcement came via the company's official X (formerly Twitter) account, where Steak 'n Shake stated:

“Eight months ago today, Steak n Shake launched its burger-to-Bitcoin transformation when we started accepting bitcoin payments. Our same-store sales have risen dramatically ever since. All Bitcoin sales go into our Strategic Bitcoin Reserve. Today we increased our Bitcoin exposure by $10,000,000 in notional value.”
Source

This latest addition marks a deepening commitment to Bitcoin, which the chain first embraced in May 2025 when it began accepting BTC payments at all its locations worldwide through a phased rollout using the Bitcoin Lightning Network. The initiative was positioned as a way to reduce credit card processing fees (with early reports claiming savings of up to 50%) while attracting a tech-savvy, crypto-native customer base.

Steak 'n Shake's pivot to Bitcoin comes after a challenging period. Between 2018 and 2025, the chain closed approximately 230 stores, with its U.S. locations dropping from a peak of 628 in 2018 to 394 by 2026, according to location data from ScrapeHero. Owned by Biglari Holdings Inc. and led by entrepreneur Sardar Biglari, the company underwent significant operational changes, shifting toward a more efficient kiosk-based model.

However, the adoption of Bitcoin appears to have sparked a remarkable turnaround. In Q2 2025, quarter-over-quarter same-store sales rose by 11%, a figure the company directly attributed to its Bitcoin-friendly policies and the influx of crypto enthusiasts. The momentum continued into Q3 2025, with same-store sales increasing by 15%, outperforming major competitors such as McDonald's, Domino's, and Taco Bell.

The company describes this as a "flywheel effect", in that customers paying with Bitcoin boost sales, which in turn strengthens the business and allows more BTC accumulation into the strategic reserve. All Bitcoin received from customer payments is funneled directly into this reserve rather than being converted to fiat, creating a self-reinforcing cycle of growth and crypto exposure.

Steak 'n Shake has actively courted the Bitcoin community since the rollout. The announcement of Bitcoin payments in May 2025 was met with widespread celebration on social media, with users sharing receipts of BTC-funded meals and dubbing the chain a pioneer in real-world crypto adoption. In November 2025, the company expanded into El Salvador, a nation renowned for its pro-Bitcoin policies and legal tender status for BTC. This move further solidified Steak 'n Shake's position as a crypto-forward brand.

The chain has also experimented with themed offerings, including limited-edition items like the "Bitcoin Steakburger" and partnerships that reward customers with small amounts of BTC. In late 2025, it became the first major U.S. restaurant to formally establish a Strategic Bitcoin Reserve, even pledging to donate a small portion (210 sats per Bitcoin meal) to support open-source Bitcoin development through organizations like OpenSats.

With the $10 million increase, Steak 'n Shake's is demonstrating how everyday businesses can leverage cryptocurrency as a payment rail as well as a long-term store of value and financial buffer. Bitcoin investor and accountant Rajat Soni praised the approach, stating that if they do this, they will find it much easier to succeed because their Bitcoin is like a backstop. Soni thinks that most businesses fail because they are not in the market long enough.

Meanwhile, the company has not disclosed its exact total Bitcoin holdings or the specifics of the latest purchase (whether accumulated over time or bought in one transaction). With total Bitcoin held across public companies, private firms, governments, and ETFs surpassing 4 million BTC, Steak 'n Shake's initiative, though modest in scale compared to giants, highlights how mainstream businesses are increasingly viewing Bitcoin as a strategic asset.

As more merchants explore crypto payments and treasuries, Steak 'n Shake's journey from store closures to Bitcoin-fueled revival serves as a compelling case study in how embracing digital assets can drive operational turnaround and customer loyalty in the evolving landscape of finance and fast food.

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Information Sources:

• Steak 'n Shake/ X
• MEXC
• Yahoo Finance
• Cointelegraph

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