- Steak ‘n Shake says its corporate Bitcoin holdings rose by $10 million in notional value.
- The company routes all Bitcoin sales into a strategic Bitcoin reserve, creating a treasury “flywheel.”
- Same-store sales increased after Bitcoin adoption, with reported quarter-over-quarter gains in Q2 and Q3 2025.
- Customers and the Bitcoin community shared receipts and celebrated the chain’s BTC payments and expansion moves.
- Industry data show the chain closed many locations since 2018, and some industry figures urged other firms to consider Bitcoin as a financial buffer.
Steak ‘n Shake announced on Friday that its corporate Bitcoin (BTC) treasury grew by $10 million in notional value, and the company said “All Bitcoin sales go into our strategic Bitcoin reserve,” in its post. The chain began a phased rollout to accept BTC at all locations in May 2025, citing the move as a strategic shift in payments and treasury management. See the announcement on the company post. According to the post.
The rollout began in May 2025 and moved through locations worldwide in phases; the initial acceptance announcement is available in the company’s May post. That announcement also noted the payment change as part of a broader strategy.
The Bitcoin community responded with praise and shared proof of payments at stores, including celebratory posts and customer receipts. Community reactions and receipts were shared on social media. One celebratory post and a receipt thread are available. A receipt thread showed customers paying in BTC.
The company reported quarter-over-quarter same-store sales increases of 11% in Q2 2025 and 15% in Q3 2025, which it linked to Bitcoin adoption and said outpaced some peers. The Q2 post and the Q3 post detail those gains and comparisons with competitors like McDonald’s, Domino’s, and Taco Bell.
The chain has closed many locations since 2018; store counts peaked at 628 in 2018 and fell to 394 by 2026, according to location data. USA/”>Data shows the store decline.
Investor and accountant Rajat Soni commented that holding Bitcoin can extend a business’s financial endurance, saying “If they do this, they will find it much easier to succeed because their Bitcoin is like a backstop. I think most businesses fail because they aren’t in the market long enough. Bitcoin extends your financial endurance.” His comment was posted in response to the company’s update.
The company also announced expansion into El salvador in November 2025, and it frames BTC acceptance as support for Bitcoin’s use as a medium of exchange rather than solely a store of value.
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