Steak ‘n Shake says its same-store sales have “risen dramatically” since launching a burger-to-Bitcoin strategy in May 2025, under which all Bitcoin payments are directed into a corporate treasury reserve.
In a post published Monday on X, the US fast-food chain said it had successfully combined a “decentralized, cash-producing operating business with the transformative power of Bitcoin,” thanking the Bitcoin community for its support. The company did not disclose specific figures or clarify what it meant by “risen dramatically.”
Steak ’n Shake began accepting Bitcoin at participating locations on May 16, 2025, through a phased rollout.
Since introducing the initiative, the chain has repeatedly linked improved sales performance to Bitcoin adoption. It reported quarter-over-quarter same-store sales growth of 11% in the second quarter of 2025 and 15% in the third quarter — outperforming major competitors such as McDonald’s, Domino’s and Taco Bell during the same period.
Under the program, all Bitcoin received from customers is allocated to the company’s Strategic Bitcoin Reserve, which grows in tandem with transaction volume.
On Jan. 16, Steak ‘n Shake said the notional value of its Bitcoin holdings had increased by $10 million, though it did not specify how much of that gain stemmed from price appreciation versus additional purchases.
Four days later, on Jan. 20, the company announced plans to introduce a Bitcoin-denominated bonus for hourly employees at company-operated locations. Under the program, workers will receive $0.21 in Bitcoin per hour worked, subject to a two-year vesting schedule. The initiative is being supported by Bitcoin rewards firm Fold.
Steak ’n Shake said the move aims to tap into growing crypto enthusiasm among Gen Z and Millennial employees, who make up a significant share of the US restaurant and food service workforce.
On Jan. 27, the company disclosed an additional $5 million allocation to its Strategic Bitcoin Reserve, bringing total Bitcoin exposure to roughly $15 million.
Bitcoin treasury under water despite sales boost
Data from BitcoinTreasuries shows the company currently holds 161.6 Bitcoin, valued at approximately $10.96 million at prevailing market prices. That implies an average acquisition cost of just under $92,851 per coin.
Based on current prices, the position is roughly 26% below its estimated average purchase price, leaving the company’s Strategic Bitcoin Reserve with a substantial unrealized loss — even as its Bitcoin-focused strategy appears to have supported higher same-store sales.
