Steak ‘n Shake says accepting Bitcoin has helped drive sales growth, lower transaction costs and fund investment in food quality, as the US burger chain expands its cryptocurrency strategy beyond customer payments.
The company, founded in 1934, described itself as being redefined around Bitcoin in a post on X on 30 August. The statement came more than 15 months after it began accepting the cryptocurrency in its restaurants and followed an 7 August filing by parent company Biglari Holdings Inc. (NYSE: BH), which reported strong sales growth for the chain.
“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 said. “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.”
Biglari Holdings reported a 13.8% rise in same-store sales during the second quarter of 2026 at domestic restaurants operated either by the company or its franchise partners.
Steak ‘n Shake first introduced Bitcoin payments in May 2025 through the Bitcoin Lightning Network. The network is a second-layer system designed to process smaller cryptocurrency transactions more quickly and at a lower cost than the main Bitcoin blockchain.
The company says those lower transaction costs have contributed to operational savings. Rather than converting the Bitcoin it receives into traditional currency, Steak ‘n Shake directs customer payments into a Strategic Bitcoin Reserve.
That approach has been accompanied by further purchases. The chain increased its Bitcoin exposure twice in January, adding $10m and then a further $5m in notional value.
Bitcoin rewards for staff and customers
Steak ‘n Shake has also linked Bitcoin to its employee benefits. In partnership with Fold, the company introduced a Bitcoin bonus scheme for hourly workers at company-operated restaurants.
The bonus has been available since 1 March and pays employees 21 cents for every hour worked. The payment is subject to a two-year vesting period and is made on top of their normal wages.
Customers were offered a separate Bitcoin promotion on 31 October 2025. Fold Holdings, Inc. (Nasdaq: FLD) and Steak ‘n Shake launched a limited-time $5 Bitcoin offer at about 400 locations in the United States.
Customers who purchased a Bitcoin Steakburger or Bitcoin Meal could upload their receipt and receive a code redeemable through the Fold app.
Across its businesses, Biglari Holdings recorded pretax operating earnings of $6.3m in the second quarter, up from $3.7m during the same period a year earlier. The figure covered its insurance and reinsurance, licensing and media, restaurant, and oil and gas operations.
However, pretax operating earnings for the first six months of 2026 were $2.1m, compared with $13.7m in the corresponding period of 2025.
The company also aims to open its first Latin American restaurant in the country because of its allegiance to Bitcoin. The location and timing of that planned opening were not specified in the information provided.
